416 ARTICLE 11

capital of not less than two hundred thousand dollars may be organized
in a city containing more than one hundred thousand and less than two
hundred and fifty thousand inhabitants, and a corporation may be organ-
ized with a capital of not less than one hundred and fifty thousand dollars
in a city containing more than twenty-five thousand inhabitants and less
than one hundred thousand inhabitants, and with a capital of at least one
hundred thousand dollars in a city or town the population of which does
not exceed twenty-five thousand inhabitants, the number of inhabitants in
each case to be ascertained or determined by the last Federal or State
enumeration, and no trust company shall start business until all of the
capital stock provided for in its charter and an additional sum equal to
20% thereof as surplus, shall have been paid for in full in money and no
payment shall be regarded as made by the delivery of any note, security
or property of any kind as a substitute for money, except as otherwise
provided by law.

In the event that any trust company hereafter establishes a branch or
branches outside of the city, town or village in which it is now located,
it shall add for each branch established, to its paid-in capital the follow-
ing sums and twenty per cent. (20%) thereof as additional surplus; the
sum of twenty-five thousand dollars in towns or villages having less than
fifteen thousand (15,000) inhabitants; seventy-five thousand dollars in
towns, villages or cities having more than fifteen thousand (15,000) and
up to fifty thousand (50,000) inhabitants, and not less than one hundred
thousand dollars in towns or cities having more than fifty thousand and
less than one hundred and fifty thousand inhabitants; and not less than
five hundred thousand dollars in cities having more than one hundred and
fifty thousand; the number of inhabitants in each case to be ascertained
or determined by the last Federal or State enumerations; unless the
surplus and paid-in-capital of such trust company is already sufficient
under the present conditions of the law to provide the surplus and capital
required by a trust company hereunder doing business in the city, town
or village in which it may be located, and for branches in cities, towns or
villages in which it proposes to establish branches; provided, however,
that no branch shall hereafter be established by any trust company in the
city, town or village where said trust company is now located and engaged
in business, until said trust company conforms to the requirements herein
provided as to the minimum amount of surplus and capital stock for a
trust company in said city, town or village.

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

While all branches of a bank or trust company are parts of a, single organization,
they may be regarded as separate and distinct as to transactions with third parties.
Dean v. Eastern Shore Trust Co., 159 Md. 217.

Cf. secs. 32 and 40; also Art. 23, sec. 3. As to the taxation of trust companies, see
Art. 81.

An. Code, 1924, sec. 43. 1912, sec. 43. 1910, ch. 219, sec. 42 (p. 19). 1918, ch. 33, sec. 43.

1933, ch. 271, sec. 43.

55. The articles of incorporation shall be executed in triplicate by
the persons joining therein, before any officer authorized to take acknowl-
edgments, and then filed with the Bank Commissioner for examination.
The Bank Commissioner shall thereupon ascertain from the best sources
of information at his command, and by such investigation as he may deem
necessary whether the character, responsibility and general fitness of the
person or persons, named in such certificate, are such as to command con-