ALBERT C. RITCHIE, GOVERNOR. 587

The above items making an aggregate rate for State
taxes of twenty-two cents (22c) for the year nineteen hun-
dred and thirty-four (1934), and of twenty-two cents (22c)
for the year nineteen hundred and thirty-five (1935) on
each one hundred dollars ($100. 00) of assessable property.

Approved April 5, 1933.

CHAPTER 313.

AN ACT to repeal and re-enact with amendments Section
50 of Article 11 of the Annotated Code of Maryland
(1924 Edition), title "Banks and Trust Companies, "
sub-title "Trust Companies, " as the said section was re-
pealed and re-enacted by Section 7 of Chapter 294 of the
Acts of the General Assembly of 1931, so as to provide
that there shall be no limit to the number of directors
of a trust company.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 50 of Article 11 of the Annotated
Code of Maryland (1924 Edition), title "Banks and Trust
Companies, " sub-title "Trust Companies, " as the said sec-
tion was repealed and re-enacted by Section 7 of Chapter
294 of the Acts of the General Assembly of 1931, be and
the same is hereby repealed and re-enacted with amend-
ments to read as follows:

50. The affairs of every such corporation shall be man-
aged and its corporate powers exercised by a board of
directors of such number, not less than eleven, as shall
from time to time be prescribed by its by-laws. The num-
ber of directors necessary to form a quorum for the trans-
action of business may be fixed by the organization certifi-
cate or by the by-laws; such quorum shall not be less than
one-third of the number of directors, and in no case less
than seven. No person can be a director who is not the
holder of at least five hundred dollars ($500. 00) par value
of the capital stock in the corporation. The persons named
in the organization certificate, or such of them, respectively,
as shall become holders of at least five hundred dollars
($500. 00) par value of such stock, shall constitute the first
board of directors, and may add to their number, and shall
severally continue in their office until others shall be