408 ARTICLE 11

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
attached 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 ex-
change as required by the usages of trade in the respective countries,
dependencies or insular possessions, provided that it shall not accept such
drafts or bills of exchange for the purpose of furnishing dollar exchange
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 accompanied by
documents conveying or securing title or by some other adequate security,
and provided further that it shall not accept such drafts or bills of ex-
change for the purpose of furnishing dollar exchange in any amount
exceeding at any time the aggregate of one-half of its paid-up and unim-
paired capital and surplus; by issuing letters of credit, authorizing the
holders thereof to draw drafts upon it for 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 counties, 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, and to pledge securities to secure the prompt repay-
ment of deposits of money of estates administered under the Bankruptcy
Laws of the United States.

Cited but not construed in Banking Co. v. Fid. & Dep. Co., 165 Md. 667. Bradford v.
Chase Nat. Bnk., 24 F. Supp. 28.

Cf. sec. 58; also art. 23, sec. 8.

An. Code, 1924, sec. 24. 1912, sec. 24. 1910, ch. 219, sec. 24 (p. 13).

33. The subscriptions to the original stock and the direction of the
affairs of the corporation prior to the election of directors shall be in con-
formity with the statutes of the State relating to corporations regulating
such matters, so far as applicable.

An. Code, 1924, sec. 25. 1912, sec. 25. 1910, ch. 219, sec. 25 (p. 13). 1914, ch. 805, sec. 25.
1929, ch. 273. 1931, ch. 294, sec. 25.

.34. 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 sub-title 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 29 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-