1112 LAWS OF MARYLAND. [CH. 579

in which event the said Council may select a president pro
tempore; he shall sign all ordinances of said town and shall
countersign all orders and drafts drawn by the clerk, on
the Treasurer of said town. The Mayor shall have no vote
upon any question pending before the Council except in the
case of a tie vote, when he shall have the deciding vote.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1933.

Approved April 21, 1933.

CHAPTER 579.

AN ACT to add a new Section to Article 11 of the Anno-
tated Code of Public General Laws of Maryland, Edition
of 1924, entitled "Banks and Trust Companies, " the said
new section to follow immediately after Section 63, under
the sub-title "General Regulations, " and to be known as
Section 63-A, restricting the right of any bank or trust
company to make any loan or discount on the security of
its shares or to make any purchase thereof.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That a new Section be, and the same is hereby
added to Article 11 of the Annotated Code of Public Gen-
eral Laws of Maryland, Edition of 1924, entitled "Banks
and Trust Companies, " the said new section to follow im-
mediately after Section 63 of said Article, under the sub-
title "General Regulations, " to be known as Section 63-A
and to read as follows:

63-A No bank or trust company shall hereafter make
any loan or discount on the security of the shares of its
own capital stock, nor be the purchaser or holder of any
such shares, unless such security or purchase shall be nec-
essary to prevent loss upon a debt previously contracted in
good faith; and the stock so purchased or acquired shall,
within twelve months from the time of its purchase or ac-
quisition, unless the time be further extended by the Bank
Commissioner, be sold or disposed of at public or private
sale; or, in default thereof, the said bank or trust company
shall be regarded as conducting its business in an unauthor-
ized manner, and the Bank Commissioner may take posses-