HARRY W. NICE, GOVERNOR. 121

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new section be and the same is hereby added to
Article 11 of the Annotated Code of Maryland (1924 Edition),
title "Banks and Trust Companies", sub-title "General Regu-
lations", said new section to be known as Section 72A, to
follow immediately after Section 72 of said Article and to
read as follows:

72A. The individual responsibility imposed by the pro-
visions of Section 72 of this Article upon the stockholders of
every bank and trust company for all contracts, debts and
engagements of every such corporation to the extent of the
amount of their stock therein, at the par thereof, in addition
to the amount invested in said stock, shall not apply with
respect to stock originally issued by any bank or trust com-
pany subsequent to November 23rd, 1936. Such responsibility
shall cease on July 1st, 1937, with respect to all outstanding
stock issued by any bank or trust company which shall be
doing business under the provisions of this Article on July 1st,
1937; provided that not less than three months prior to such
date such bank or trust company shall have caused notice of
such prospective termination of responsibility to be published
in a newspaper published in the city, village or county in
which the bank or trust company is located, or if no newspaper
is there published then in the nearest county seat and pro-
vided further that such bank or trust company shall certify to
the Bank Commissioner the fact of such publication under the
seal of the Bank or Trust Company by its President and
Cashier or Treasurer. If any bank or trust company shall fail
to give such notice, within the time or in the manner above
provided, or shall fail to give the_ certificate of such publica-
tion to the Bank Commissioner as above provided, the termina-
tion of such responsibility may thereafter be accomplished as
of the date three months subsequent to the publication and
certification in the manner above specified; provided such bank
or trust company is doing business under the provisions of this
Article upon such date. Until a notice shall have been pub-
lished and a certificate thereof has been furnished in accord-
ance herewith such responsibility shall continue hereafter as
heretofore.

In the event of the termination of the individual responsi-
bility of the holders of the outstanding stock of any bank or
trust company as above provided, such bank or trust company
shall transfer to surplus at the close of a fiscal period, either
annually or semi-annually, not less than ten per cent (10%)
of its net earnings after providing for expenses, losses, in
terest and taxes accruing or due from said bank or trust com-
pany, until such surplus shall equal and thereafter continue to
equal one hundred per cent (100%) of its capital.