572 LAWS OF MARYLAND. [CH. 302

of said town dated January 1, 1937 and aggregating $26, 000. 00,
to be used with Federal funds to construct a Municipal Build-
ing, and said funds shall be used for no other purpose until
all of said bonds have been paid.

After the above-mentioned bonds of Pocomoke City have
been fully paid, then Pocomoke City's share of net profits to
the amount of $5, 000. 00 shall be held in trust by the Mayor
and Council, the income to be paid to the Treasurer of the
Pocomoke Public Library, Inc., to be used exclusively for the
purchase of books for said Library. The Mayor and Council
shall invest the principal of the trust fund only in bonds of
the United States, State of Maryland, or of any county, city,
town or other political sub-division of the State, or in mort-
gages on real estate situated in Worcester County, but no in-
vestment shall be made except on the written recommendation
of the Board of Directors of the Pocomoke City National Bank
and the Citizens' National Bank of Pocomoke City.

After all of the above-mentioned bonds of Pocomoke City
have been retired and the trust fund of $5, 000. 00 for the Poco-
moke Public Library, Inc., has been established, the said Mayor
and Council of Pocomoke City shall pay annually out of said
receipts from said town's share of the net profits, the sum of
$500. 00 to the Treasurer of the Pocomoke Public Library, Inc.,
to be used in the discretion of said Library, either for the pur-
chase of books or for the salary of a paid librarian, and shall
apply the remainder of said net profits for the payment of in-
terest and principal of any bonds of said town which may be
outstanding.

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

Approved April 15, 1937.

CHAPTER 302.

AN ACT to repeal and re-enact, with amendments, Section 70
of Article 11 of the Annotated Code of Public General Laws
of Maryland (1935 Supplement), title "Banks and Trust
Companies", sub-title "General Regulations", relating to the
surplus requirements of banks and trust companies in con-
nection with restrictions on the payment of dividends.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 70 of Article 11 of the Annotated Code of
Public General Laws of Maryland (1935 Supplement), title
"Banks and Trust Companies", sub-title "General Regula-