ALBERT C. RITCHIE, GOVERNOR. 489

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 26 of Article 11 of the Annotated
Code of Public General Laws of Maryland, Edition of 1924,
title "Banks and Trust Companies", sub-title "Banks", be,
the same is hereby repealed and re-enacted, with amend-
ments, to read as follows:

26. The affairs of the bank shall be managed by a board
of not less than five directors, a majority of whom shall
be residents of Maryland and shall be elected by the stock-
holders and hold office for one year, and until their succes-
sors have been elected and have qualified. A majority of
the Board of Directors shall constitute a quorum for the
transaction of business. In the first instance the directors
shall be elected at a meeting held before the bank is au-
thorized to commence business by the Bank Commissioner,
and afterwards at the annual meeting of the stockholders
to be held during the month of January; and if for any
reason an election is not had at that meeting, it may be held
at a subsequent meeting called for that purpose, of which
due notice shall be given as provided in the by-laws of such
bank. Every director shall take and subscribe an oath
that he will diligently and honestly perform the duties of
such office, and will not knowingly violate or permit a
violation of any provision of this Article; that he is the
owner in good faith of unencumbered stock in the bank,
of the par value of not less than one hundred dollars
($100. 00) in the case of banks having a capital stock not
in excess of twenty-five thousand dollars ($25, 000. 00); two
hundred and fifty dollars ($250. 00) in the case of banks
having a capital stock of more than twenty-five thousand
dollars ($25, 000. 00) and not in excess of fifty thousand dol-
lars ($50, 000. 00); five hundred dollars ($500. 00) in the
case of banks having a capital stock of more than fifty thou-
sand dollars ($50, 000. 00) and not in excess of one hundred
thousand dollars ($100, 000. 00); and one, thousand dollars
($1, 000. 00) in the case of banks having a capital stock in
excess of one hundred, thousand dollars) ($100, 000. 00)
standing in his name on the book of the bank. "Any va-
cancy in the Board of Directors shall be filled by the
Board, and the directors so appointed shall hold office until
the next election. Within fifteen days after the date on
which the annual meeting of the stockholders, is held, the
directors elected at such meeting shall, after due Qualifica-
tion, hold meeting at which the officers' of the bank shall
be elected and hold their offices for one year and until their
successors have been elected and qualified, unless sooner