126 ARTICLE 11.

An Code, 1924, sec 25 1912, sec 25 1010 ch. 219. sec 25 (p. 13).
1914, ch. 805, sec 25 1929. ch. 273. 1931. ch. 294, sec. 25

25. Whenever articles of incorporation are filed with the Bank Com-
missioner, as herein provided, and the bank transmitting the same notifies
the Bank Commissioner that its necessary or required capital has been
duly paid in, in money, as hereinbefore in this subtitle directed, and that
such bank has complied with all the provisions of this Article required,
before the bank shall be authorized to commence business the Bank Com-
missioner shall examine into the condition of such bank, ascertain whether
or not all of the capital stock provided for in Section 20 of this Article
shall have been paid for in full, the name and place of residence of each
of its directors, and whether such bank has complied with all the pro-
visions of law required to entitle it to engage in the business of banking.
A certified list of the bona fide stockholders or subscribers shall be fur-
nished the Bank Commissioner, showing the name, residence and actual
number of shares subscribed to and paid for. If, upon such examination,
it appears that such, bank is lawfully entitled to commence business, the
Bank Commissioner shall forthwith give to such bank a certificate, under
his hand and official seal, that such bank is authorized to commence
business. If the Bank Commissioner has reason to believe that the stock-
holders have formed the same for any other than the legitimate business
contemplated by this Article, he may, with the advice and consent of the
Governor, withhold the certificate herein mentioned.

An. Code, 1924, sec. 26 1912, sec 26 1910, ch. 219, sec. 26 (p 13).
1931. ch. 294, see 26 1933, ch 272. 1935, ch. 495.

26. The affairs of the bank shall be managed by a board of not less
than five directors, a majority of whom shall be residents of Maryland
and shall be elected by the stockholders and hold office for one year, and
until their successors have been elected and have qualified. A majority of
the Board of Directors shall constitute a quorum for the transaction of
business. In the first instance the directors shall be elected at a meeting
held before the bank is authorized to commence business by the Bank
Commissioner, and afterwards at the annual meeting of the stockholders
to be held during the month of January; and if for any reason an election
is not had at that meeting, it may be held at a subsequent meeting called
for that purpose, of which due notice shall be given as provided in the
by-laws of such bank. Every director shall take and subscribe an oath
that he will diligently and honestly perform the duties of such office, and
will not knowingly violate or permit a violation of any provision of this
Article; that he is the owner in good faith of unencumbered stock in the
bank, of the par value of not less than one hundred dollars ($100. 00) in
the case of banks having a capital stock not in excess of twenty-five thou-
sand dollars ($25, 000. 00); two hundred and fifty dollars ($250. 00) in
the case of banks having a capital stock of more than twenty-five thousand
dollars ($25, 000. 00) and not in excess of fifty thousand dollars ($50, -
000. 00); five hundred dollars ($500. 00) in the case of banks having a