302 LAWS OF MARYLAND. [CH. 177

the Supervisors of Elections of Washington County shall ad-
vertise for bids for all expenditures authorized by this section
which exceed five hundred dollars (1500. 00), and shall award
the contract therefor to the lowest responsible bidder.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1937.

Approved May 18, 1937.

CHAPTER 177.

AN ACT to repeal and re-enact, with amendments, Section 67
of Article 11 of the Annotated Code of the Public General
Laws of Maryland, 1935 Supplement, title "Banks and Trust
Companies", sub-title "General Regulations", relating to
limitations on the total liabilities to banks and trust com-
panies.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 67 of Article 11 of the Annotated Code of
Maryland, 1935 Supplement, title "Banks and Trust Compa-
nies", sub-title "General Regulations", be and the same is
hereby repealed and re-enacted, with amendments, so as to
read as follows:

67. The total liabilities of any person, co-partnership or
corporation, to any bank or trust company for money borrowed
shall at no time exceed 10 per cent, of the amount of the sur-
plus and paid-in capital of such bank or trust company; pro-
vided, that by a two-thirds vote of the directors said liabilities
may be increased to a total sum not exceeding thirty per cent.
(30%) of said surplus and paid-in capital where the amount
of such loan in excess of ten per cent. (10%) of said surplus
and paid-in capital is secured by interest-bearing obligations of
the United States, this State, any county or municipal corpo-
ration of this State or the bonds of the Home Owners Loan
Corporation, a. corporation created under an Act of the Con-
gress of the United States, approved June 13, 1933. The dis-
count of bills of exchange drawn in good faith against actual
existing values, of trade acceptances or other commercial
paper and business paper actually owned by the person, co-
partnership or corporation negotiating the same, shall not be
considered as money borrowed within the meaning of this
section, but the total of such discounts for any one person,
co-partnership or corporation shall at no time exceed twenty-
five per cent. (25%) of said surplus and paid-in capital. Obli-