HARRY W. NICE, GOVERNOR. 601

the Treasury of the United States of America, to the credit of
this State's account in the unemployment trust fund, as pro-
vided in sub-section (b) of this section.

SEC. 4. And be it further enacted, That this Act is hereby
declared to be an emergency law and necessary for the imme-
diate preservation of the public health and safety, and having
been passed upon a yea and nay vote, supported by three-fifths
of all the members elected to each of the two Houses of the
General Assembly, the same shall take effect from the date of
its passage.

Approved May 18, 1937.

CHAPTER 312.

AN ACT to repeal and re-enact, with amendments, Section
54A of Article 11 of the Annotated Code (1935 Supple-
ment), title "Banks and Trust Companies", sub-title "Gen-
eral Regulations", to provide for the issue of preferred stock
of banking institutions having capital stock, for dividends
thereon, for the retirement and conversion thereof, for re-
strictions on the payment of dividends on common stock of
such institutions, and for the making of payments on such
preferred and common stock in liquidation.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 54A of Article 11 of the Annotated Code
(1935 Supplement), title "Banks and Trust Companies", sub-
title "General Regulations", be, and the same is hereby re-
pealed and re-enacted, with amendments, to read as follows:

54A. Any banking institution having capital stock may,
with the approval of the Bank Commissioner, and by vote of
stockholders owning a majority of its capital stock upon not
less than five days' notice, given by registered mail pur-
suant to action taken by its Board of Directors, issue pre-
ferred stock in such amount and with such par value as shall
be approved by said Bank Commissioner, and make such
amendments to its Charter or Articles of Incorporation as may
be necessary for this purpose; but in the case of any newly
organized banking institution which has not yet issued com-
mon stock, the requirement of notice to and vote of stockhold-
ers shall not apply. Such preferred stock may be convertible
into common stock, upon such terms and conditions as may be
provided in the Charter or Articles of Incorporation, or any
amendment thereto, with the approval of the Bank Commis-