634 LAWS OF MARYLAND. [CH. 348
CHAPTER 348.

AN ACT to repeal and re-enact, with amendments, Sec-
tion 68 of Article 11 of the Annotated Code of Public
General Laws of Maryland, Edition of 1924, entitled
"Banks and Trust Companies, " sub-title "General Regu-
lations, " further restricting the right of banks and trust
companies to make loans to their officers and employees.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 68 of Article 11 of the Annotated
Code of Public General Laws of Maryland, Edition of 1924,
entitled "Banks and Trust Companies, " sub-title "General
Regulations, " be, and the same is hereby repealed and re-
enacted, with amendments, so as to read as follows:

68. No officer or employee of any bank or trust com-
pany, other than a director, and no corporation in which
such officer or employee is an officer or the owner of a
majority interest, and no partnership of which such an offi-
cer or employee is a member, shall borrow any of the funds
of such bank or trust company, directly or indirectly, with-
out the approval of the Board of Directors by resolution
adopted at a meeting thereof, and recorded in the minutes
before making such loan. Loans made to directors of any
bank or trust company for their personal account shall be
subject to the aforegoing restrictions; but where any di-
rector is actually engaged in business, loans may be made
to him or to any partnership of which he is a member or
corporation in which he is an officer or the owner of a ma-
jority or less than a majority interest, for use in such busi-
ness without complying with the foregoing provisions.
Loans to officers, directors or employees made under the
provisions of this section shall be reviewed every six
months for further action by the Board of Directors, and
if it shall be determined to renew or extend any such loan,
such action shall be recorded in the minutes before making
such renewal or extension. In case any bank or trust com-
pany maintains a branch it shall be a sufficient compliance
with the provisions of this section requiring approval of
the Board of Directors if the advisory board of said branch
approves of any loan to officers, directors or employees by
resolution adopted at a meeting of such advisory board,
and recorded in the minutes before making such loan and
it shall likewise be a sufficient compliance with said pro-
visions of this section in case the executive committee of
any bank or trust company is authorized to make loans,