HARRY W. NICE, GOVERNOR. 303

gations drawn in good faith against actual existing values and
secured by goods or commodities in process of shipment or
which are secured at the time of acceptance by warehouse
receipts conveying or securing title to such goods or com-
modities shall not be considered as money borrowed within
the meaning of this section, but the total of such obligations
for any one person, co-partnership or corporation shall not
exceed twenty-five per cent. (25%) of said surplus and paid-in
capital. No combination of all liabilities of any kind of any
single person, co-partnership or corporation, including all
obligations of the classes hereinbefore referred to, shall exceed
thirty per cent. (30%) of said capital and surplus.

The total liabilities of any partnership or unincorporated
association shall include all liabilities of its individual mem-
bers. In computing the total liabilities of any individual to a
bank or trust company, there shall be included all liabilities
of any partnership or unincorporated association of which he
is a member, and any loans made for Ms benefit or for the
benefit of such partnership or association. In computing the
total liabilities of any partnership or unincorporated associa-
tion to a bank or trust company, there shall be included all
liabilities of its individual members, and all loans made for
the benefit of such partnership or unincorporated association
or any member thereof. In computing the total liabilities of
any corporation to a bank or trust company there shall be in-
cluded all loans made for the benefit of the corporation. A
loan shall be deemed to be made for the benefit of the corpora-
tion or co-partnership to the extent that the proceeds of such
loan are transferred to the corporation, co-partnership or asso-
tion. In reckoning the liability of any borrower hereunder
there shall not be included its readily marketable bonds or
like obligations held by a bank or a trust company as an in-
vestment; nor shall said thirty per cent. (30%) limit apply
to any loan made to the State of Maryland or to any county or
municipality thereof maturing in less than one year. Pro-
vided, however, that the limitations provided by this section
shall not apply to any loan which does not exceed the sum
of Thirty-five Hundred Dollars ($3, 500. 00), unless such loan
exceeds 20% of the surplus and paid in capital; and provided
further that the limitations of this section shall not apply to
any liabilities lawfully incurred prior to the effective date of
this Act. For the purposes of this section the term "Bank"
shall include savings institutions having a capital stock.

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

Approved May 18, 1937.