1004 LAWS OF MARYLAND. [CH. 528

and to repeal and re-enact, with amendments, Sections
70 and 71 of Article 11 of the Annotated Code of Public
General Laws of Maryland, entitled "Banks and Trust
Companies, " sub-title "General Regulations, " relating to
the capital stock and surplus funds of banks and trust
companies; the establishment of branches of such in-
stitutions and restricting the payment of dividends.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 20 of Article 11 of the Annotated
Code of Public General Laws of Maryland, Edition of 1924,
entitled "Banks and Trust Companies, " sub-title "Banks, "
as the said section was amended by Chapter 294 of the
Acts of 1931, be, and the same is hereby repealed and re-
enacted, with amendments, so as to read as follows:

20. Any number of persons, not less than five, citizens
of the United States and a majority of them citizens of
this State, may hereafter associate to establish a bank
under this Article upon the terms and conditions and sub-
ject to the liabilities prescribed herein. The capital stock
for any bank shall not be less than twenty-five thou-
sand dollars ($25, 000. 00) in cities, towns or villages
having up to fifteen thousand (15, 000) inhabitants,
and shall not be less than seventy-five thousand dollars
($75, 000. 00) in cities, towns or villages, having more
than fifteen thousand (15, 000) and up to fifty thou-
sand (50, 000) inhabitants, and shall not be less than
one hundred thousand dollars ($100, 000. 00) in cities,
towns and villages having more than fifty thousand
(50, 000) and up to one hundred and fifty thousand (150, 000)
inhabitants, and shall not be less than five hundred thou-
sand dollars ($500, 000. 00) in any city, town or village hav-
ing more than one hundred and fifty thousand inhabitants
(150, 000); the number of inhabitants in each case to be
ascertained or determined by the last Federal or State
enumeration; and no bank shall start business until all
of the capital stock provided for in its charter and an ad-
ditional sum equal to 20% thereof, as surplus shall have
been paid for in full in money and no payment shall be
regarded as made by the delivery of any note, security or
or property of any kind as a substitute for money,
except as otherwise provided by law. Provided that
this section shall not apply to any person, co-partner-
ship, incorporated bank, or other incorporated institu-
tion now engaged in the banking business in this State,
except in such cases where said person, co-partnership,