BANKS AND TRUST COMPANIES. 125

Fourth. To elect or appoint all necessary officers, agents and servants,
define their duties and obligations, fix their compensation, dismiss them,
fill vacancies and require bonds.

Fifth. To make, amend and repeal by-laws and regulations, not incon-
sistent with law or its articles of organization, for its own government,
for the orderly conduct of its affairs and the management of its property,
for determining the manner of calling and conducting its meetings, the
tenure of office of its several officers, and such other matters as shall be
necessary or convenient for the accomplishment of its purpose.

Sixth. To exercise, by its directors, duly authorized officers or agents,
all such powers as shall be usual in carrying on the business of banking;
by buying, discounting and negotiating promissory notes, bonds, drafts,
bills of exchange, foreign and domestic, and other evidences of debt; by
receiving deposits of money upon which interest may be paid; by buying
and selling coin and bullion; by buying and selling exchange, foreign and
domestic; by accepting for payment at a future date, drafts or bills of
exchange drawn upon it, having not more than six months to run, which
. grow out of transactions involving the importation or exportation of goods,
or which grow out of transactions involving the domestic shipment of
goods, provided shipping documents conveying or securing title are at-
tached at the time of acceptance, or which are secured at the time of
acceptance, by a warehouse receipt or other such documents conveying

or securing title covering readily marketable staples; by accepting drafts
or bills of exchange drawn, upon it having not more than three months'
sight to run, by banks or bankers in foreign countries or dependencies or
insular possessions of the United States for the purpose of furnishing
dollar exchange as required by the usages of trade in the respective coun-
tries, dependencies or insular possessions, provided that it shall not accept
such drafts or bills of exchange for the purpose of furnishing dollar ex-
change for any one bank or banker to an amount not exceeding in the
aggregate 10 per centum of the paid-up and unimpaired capital and
surplus of the accepting bank unless the draft or bill of exchange is accom-
panied by documents conveying or securing title or by some other ade-
quate security, and provided further that it shall not accept such drafts
or bills of exchange for the purpose of furnishing dollar exchange in any
amount exceeding at any time the aggregate of one-half of its paid-up and
unimpaired capital and surplus; by issuing letters of credit, authorizing
the holders thereof to draw drafts upon it or its correspondents at sight

-or on time not exceeding one year; and by loaning money on personal or
real security, as provided hereinafter.

Seventh. To deposit, securities for the purpose of securing deposits of
the United States Government and its agencies, and the State of Mary-
land and comities, cities, towns and other political sub-divisions of the
State of Maryland, or to secure the surety or sureties on bonds furnished
to secure such deposits.

Cited but not construed in Banking Co. v. Fid. & Dep. Co., 165 Md. 667.