1876.] OF THE SENATE. 879

corporation for the amount so loaned. The certificates of
stock and of moneys received in trust, issued by said corpora-
tion, shall be assigned on the books of said Trust Company,
according to such regulations as shall be established. The
trustees, managers or directors of such Trust Company, shall
have a discretionary power of investing the moneys received
by them in trust, in public stocks of the United States, or of
any State, or the bonds or stocks of any incorporated city
authorized by law, or interest, paying first mortgaged bonds,
or in bonds and mortgages, real or leasehold estate, with

double the amount loaned, and they may make loans secured

by dividend, paying stocks of any corporation or Company;
provided, that stocks shall not, be taken as collateral at a rate
exceeding 80 per cent, of the market value thereof, at the
time of making such loan. Any officer or employee of such
Trust Company, who shall apply any of the deposits in said
corporation to his own use in any manner, without the con-
sent of the owner of such deposit, shall be deemed guilty of
embezzlement, and, upon conviction thereof, shall bo pun-
ished by imprisonment, in the State prison for a term not loss
than one year, nor more than five years.

D. The amount of money which such Trust Company shall
have in trust, on deposit or loan at any time, shall not exceed
ten millions of dollars, and the amount of its outstanding
loans shall not at any time exceed eleven millions of dollars,
but the said Company may at any time receive on deposit.
and loan out any money which may be deposited with them,
notwithstanding the limitation contained in this Act, if the
capital thereof shall be increased, and in the event of such
increase, the amount in trust deposit, or loan and outstand-
ing loans, may be increased in exact proportion with such
increase of capital. Every Court of Record of the State and
of Baltimore city, and every Court of any county wherein
such Trust Company shall be appointed guardian of the es-
tate of any infant, married women or committee of a lunatic,
shall have power to make all orders and compel obedience
thereto, respecting such guardianship, and to require such
Company to render all accounts which such Courts might law-
fully make or require, as if said Company was a natural per-
son. In all cases in which public offices or municipal or private
corporations are authorized to deposit money, stocks, bonds or
evidence of debt in bank, such deposits by such officers or cor-
porations may be made with such Trust Company. The books
of such Trust Company shall at all times during their hours
of business, be open for inspection and examination by the
Comptroller of this State. When any Court shall appoint
the said Company a receiver, assignee, guardian, executor,
administrator or other trustee, or shall order the deposit of