BANKS AND TRUST COMPANIES. 127

capital stock of more than fifty thousand dollars ($50, 000. 00) standing
in his name on the books of the bank. Provided, however, that in deter-
mining the amount of stock which a director shall own, only the par value
of the common stock shall be considered and capital notes and/or deben-
tures sold or issued by any such banking institution shall not be considered
in such calculation. Any vacancy in the Board of Directors shall be filled
by the Board, and the directors so appointed shall hold office until the
next election. Within fifteen days after the date on which the annual
meeting of the stockholders is held, the directors elected at such meeting
shall, after due qualification, hold a meeting at which the officers of the
bank shall be elected and hold their offices for one year and until their
successors have been elected and qualified, unless sooner removed by the
board of directors. The directors of a bank for the time being shall give
three weeks' public notice in at least two daily newspapers published
in the City of Baltimore, if the corporation be located in the City of
Baltimore, or in at least one or more newspapers published in the county
if there be two newspapers published in the county where the corporation
may be located, if not located in the said city of the annual meeting of
the stockholders. Nothing contained in this section shall be construed to
affect the term of office of any director heretofore elected.

An. Code. 1924. sec. 27. 1912, sec. 27 1910. ch. 219, sec. 27 (p. 14).
1981, ch. 294, sec. 27.

27. Any bank organized under this article may reorganize under the
laws of the United States as a national bank. Coincident with the bank's
making application to the Comptroller of the Currency such bank shall
file with the Bank Commissioner a formal notice of its intention to con-
vert into a national banking association. As soon as such bank shall
have obtained the certificate from the Comptroller of the Currency, author-
izing it to commence business under the United States Banking Law, such
reorganized bank shall take and hold all of the assets, real and personal,
of such bank organized under this article, subject to all liabilities existing
against such bank organized under this article at the time of such reorgan-
ization, and shall immediately notify the Bank Commissioner of such
reorganization and transfer: Upon conversion into a national banking
association such bank shall file with the Bank Commissioner a copy of its
authorization as a national banking association, certified to by the Comp-
troller of the Currency.

Savings Institutions.

31.

As to deposits in mime of fiduciary and in ninne of principal and in fiduciary's
personal account, see art. 37A. sec. 7. et seq.

As to franchise tax on savings banks deposits, see art. 81. sec. 90.

An. Code. 1924. sec. 32. 1912. sec. 32. 1910, ch. 219, sec. 31 (p. 15).
1931. ch. 294, sec. 32. 1935, ch. 498.

32. No savings institution or savings bank hereafter incorporated shall
lave any capital stock, but shall be a mutual association. With the