ART. 43. ] BANKS, NATIONAL AND STATE.

373

States, shall reissue for circulation any of the notes issued by it
during its existence under the laws of the State, for more than one
year after its charter has been surrendered; provided, that the exist-
ing laws of the State providing for taxes on the State banks for
the purposes enumerated therein, shall extend and apply to all State
banks and other institutions availing themselves of the provisions
of this act, when they shall have become banking associations under
the act of Congress, and all sums required by the charters of said
institutions and banks to be paid to the State, shall continue as
heretofore to be paid.

4. Whenever any bank, savings institution, or savings bank in
this State shall have surrendered its charter, and become an asso-
ciation for the purpose of banking under the laws of the United
States, all its assets, real and personal, without other transfer, shall
vest in and become the property of such association, and said asso-
ciation shall be responsible for all the debts and liabilities of said
bank, savings institution, or savings bank, incurred prior to the sur-
render of its charter.

Id s 4
Property to
vest in national
bank
40 Md 269

5. Whenever the charter of any bank, savings institution, or
savings bank, in the State, has been surrendered, as hereinbefore
provided for, the members of the board of directors, last in office,
shall forthwith deliver up all the plates and dies of said bank, savings
institution, or savings bank, to the Superior Court of Baltimore
City, when said bank, savings institution, or savings bank, is located
in the city, or to the Circuit Court for the county in which said bank,
savings institution, or savings bank, may be located, and the judge
of each of said courts shall cause the said plates and dies to be de-
stroyed in his presence, and also in the presence of the president or
cashier of said bank, savings institution, or savings bank, and the
members of the board of directors, who wilfully refuse or neglect
so to do, shall be deemed guilty of a misdemeanor, and on conviction

Id s 5.
Plates and dies
to be destroyed.

shall be severally punished by a fine not exceeding five hundred dollars.

BANKING ASSOCIATIONS.

Penalty.

6. Associations for carrying on the business of banking may be
formed by any number of persons, not less in any case than five,
who shall enter into articles of association which shall specify, in
general terms, the object for which the association is formed, and
may contain other provisions not inconsistent with the provisions of
this act, which the association may see fit to adopt for the regula-

1370. c 206, s 1.
Banking asso-
ciation, how
formed.

tion of the business of the association and the conduct of its affairs,
and the president and cashier elect of any existing bank in the State
of Maryland, established either under the laws of this State or of
the "United States, together with any five directors thereof elect, are

Existing banks

hereby appointed commissioners, with authority to establish a bank-
ing institution in their now locality, or any other within the State,
and under their present style, so modified, however, by omitting the
word National, where now existing as to represent a State institu-

State institu-
tions