ALBERT C. RITCHIE, GOVERNOR. 635

for the said loan to be approved by a resolution adopted at
a meeting of said executive committee and recorded in its
minutes before making such loan, provided, however, that
in case of loans made under the authority of said advisory
boards and executive committees the same shall be reported
to the Board of Directors at its next meeting. All loans to
officers, directors or employees of any bank or trust com-
pany shall be subject to the limitations imposed by Section
67 of this Article. For the purposes of this section, the
term "bank" shall include savings institutions having a
capital stock.

SEC. 2. And be it further enacted, That this Act is here-
by declared to be an emergency law and necessary for the
immediate preservation of the public health and safety,
and having been passed upon a yea and nay vote, supported
by three-fifths of all of the members elected to each of the
two Houses of the General Assembly, the same shall take
effect from the date of its passage.

Approved April 5, 1933.

CHAPTER 349.

AN ACT to add a new section to Article 11 of the Code of
Public General Laws of Maryland, entitled "Banks and
Trust Companies, " the said new section to follow im-
mediately after Section 63 under sub-title "General
Regulations, " and to be known as Section 63-B, further
restricting the rights of banks and trust companies to
make loans.

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 Code of Public General Laws of
Maryland, entitled "Banks and Trust Companies, " the said
new section to follow immediately after Section 63 under
sub-title "General Regulations, " to be known as Section
63-B, and to read as follows:

63-B No bank or trust company shall hereafter make
any loan, the proceeds of which are to be used to pay the
whole or any part of a subscription to the stock of such
bank or trust company, unless said loan shall be adequately