1006 LAWS OF MARYLAND. [CH. 528

FIFTH: A declaration that each member of the cor-
poration will accept the responsibilities and faithfully dis-
charge the duties of a director therein, if elected to act
as such.

The capital stock of such corporation must be at least
seven hundred and fifty thousand dollars; provided, how-
ever, that a corporation with a capital of not less than two
hundred thousand dollars may be organized in a city con-
taining more than one hundred thousand and less than two
hundred and fifty thousand inhabitants, and a corporation
may be organized with a capital of not less than one hun-
dred and fifty thousand dollars in a city containing more
than twenty-five thousand inhabitants and less than one
hundred thousand inhabitants, and with a capital of at
least one hundred thousand dollars in a city or town the
population of which does not exceed twenty-five thousand
inhabitants, the number of inhabitants in each case to be
ascertained or determined by the last Federal or State
enumeration, and no trust company shall start business
until all of the capital stock provided for in its charter and
an additional 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 property of any kind as a substitute for money, except
as otherwise provided by law.

In the event that any trust company hereafter estab-
lishes a branch or branches outside of the city, town or
village in which it is now located, it shall add for each
branch established, to its paid-in-capital the following sums
and twenty per cent. (20%) thereof as additional surplus;
the sum of twenty-five thousand dollars in towns or
villages having less than fifteen thousand (15, 000) in-
habitants; seventy-five thousand dollars in towns, vil-
lages or cities having more than fifteen thousand (15, -
000) and up to fifty thousand (50, 000), inhabitants, and
not less than one hundred thousand dollars in towns or
cities having more than fifty thousand and less than one
hundred and fifty thousand inhabitants; and not less than
five hundred thousand dollars in cities having more than
one hundred and fifty thousand; the number of in-
habitants in each case to be ascertained or determined by
the last Federal or State enumerations; unless the surplus
and paid-in capital of such trust company is already suf-
ficient under the present conditions of the law to provide
the surplus and capital required by a trust company here-
under doing business in the city, town or village in which