BANKS AND TRUST COMPANIES. 135

The Court having jurisdiction may make orders respecting such trusts,
and require the corporation to render all accounts which such court or
officer might lawfully require if such Executor, Administrator, Guardian,
Trustee, Receiver, Committee or Depositary were a natural person. ¹

Public funds deposited with a trust company without authority of law, al-
though impressed with a trust in favor of the county and the trustee held them
for its use as a trustee ex maleficio, are not preferred in distribution of assets
in case of insolvency. Frederick Co. v. Page, 163 Md. 619.

The preference given by this section only applies to executors and testa-
mentary guardians and to fiduciaries appointed by the court and not to volun-
tary trusts. Iron & Steel Co. v. Page. 165 Md. 212; Ghingher v. O'Connell, 165
Md. 271; Melville v. Page, 165 Md. 509.

This section referred to in construing sec. 9. Public Indemnity Co. v. Page,
161 Md. 239.

Cited but not construed in Ghingher v. Pearson. 165 Md. 294.
See notes to sec. 46.

49.

The provisions of secs. 46-49 have no application unless trust company has
been appointed trustee or other fiduciary by virtue of jurisdiction of the court.
Ghingher v. O'Connell, 165 Md. 271.

An. Code. 1924, sec. 50. 1912, sec. 50. 1910. ch. 219. sec. 49 (p. 23).

1914, ch. 805, sec. 49. 1931, ch. 294,. sec. 50. 1933, ch. 313.

1933 (Special Sess. ), ch. 14.

50. The affairs of every such corporation shall be managed and its
corporate powers exercised by a board of directors of such number, not
less than five nor more than thirty, as shall from time to time be pre-
scribed in its by-laws. The number of directors necessary to form a
quorum for the transaction of business may be fixed by the organization
certificate or by the by-laws; such quorum shall not be less than one-third
of the number of directors, and in no case less than four. No person can
be a director who is not the holder of at least five hundred dollars
($500. 00) par value of the capital stock in the corporation. The persons
named in the organization certificate, or such of them respectively, as
. shall become holders of at least five hundred dollars ($500. 00) par value
of such stock, shall constitute the first board of directors, and may add
to their number, not exceeding the limit of thirty, and shall severally
continue in their office until others shall be elected to fill their respective
places. Such election shall be held at the office of the corporation, and at
such time and upon such public notice, not less than ten days, by adver-
tisement in at least one newspaper published in the city or county where
such office is located. Within fifteen days after the date on which the
annual meeting of stockholders is held, the directors elected at such meet-
ing shall, after due qualification, hold a meeting at which the officers of
the corporation shall be elected and hold their offices for one year and
until their successors have bene elected and qualified, unless sooner re-
moved by the Board of Directors. Vacancies occurring in the intervals
of elections shall be filled by the Board. Each director when appointed

¹ Sec. 48A of ch. 546. Acts of 1933. repealed all laws or charters inconsistent
therewith to the extent of such inconsistency.