318 LAWS OF MARYLAND. [CH. 180

may be kept as cash on hand, or on deposit in such bank or
banks, or trust company or trust companies of the State of
Maryland, or elsewhere, of good standing, as the board of
directors or executive committee by resolution may direct.
Every bank shall also keep on hand at all times a reserve of
at least three per cent. (3%)-of their time deposits; which
reserve may be kept as cash on hand, or on deposit in such
bank or banks, or trust company or trust companies of the
State of Maryland, or elsewhere, of good standing, as the board
of directors or executive committee by resolution may direct,
or in the form of direct obligations of the United States Gov-
ernment, or the State of Maryland. Every trust company
shall keep on hand at all times a reserve of at least 10 per
cent, of its deposits payable on demand (not including there-
under, however, any deposits made by the City of Baltimore
and secured by the counter deposits of Baltimore City stock);
which reserve shall be kept on deposit in such bank or banks,
or trust company or trust companies of good standing, either
in the State of Maryland or elsewhere, as the board of di-
rectors or executive committee may direct; and every trust
company shall also keep on hand, as an additional reserve,
at least 5 per cent, of the amount of such deposits, which
additional reserve may be kept on deposit in such bank or
banks or trust company or trust companies as the board of
directors or executive committee thereof may direct, or in
the form of registered bonds or public stock of the United
States, or the State of Maryland, or of Baltimore City, or
of the bonds of any county or municipal corporation of this
State, which shall be approved by the Bank Commissioner;
provided, however, that any securities which have been de-
posited by any such trust company with the Treasurer of
the State, in accordance with Sections 141 and 149 of Article
23 of the Annotated Code of Public Civil Laws of Maryland,
may be considered as the whole or a part, as the case may be,
of said last-mentioned required 5 per cent, reserve. Every
trust company shall also keep on hand at all times a reserve
of at least three per cent. (3%) of their time deposits; which
reserve may be kept as cash on hand, or on deposit in such
bank or banks, or trust company or trust companies of the
State of Maryland, or elsewhere, of good standing, as the board
of directors or executive committee by resolution may direct,
or in the form of direct obligations of the United States Gov-
ernment, or the State of Maryland. Cash items shall not be
considered as a part of the reserve herein required to be kept
by either banks or trust companies, but cash actually on hand
held by a trust company shall be considered as a part of the
reserve herein first required to be kept by such trust company.