ALBERT C. RITCHIE, GOVERNOR. 887

amount of common stock plus the amount of preferred
stock outstanding.

54B. Any banking institution may at any time, with the
approval of the Bank Commissioner, issue, sell or hypothe-
cate its capital notes, debentures, bonds or certificates of
beneficial interest, which may be payable upon such terms,
and may bear such rate of interest, if any, as may be pro-
vided therein. Such capital notes, debentures, bonds or
certificates of beneficial interest may be subordinated to the
claims of depositors and/or creditors, but they shall
be preferred to the claims of stockholders in the event
of liquidation. Such capital notes, debentures, bonds or
certificates of beneficial interest may have voting rights
similar to those provided in Section 54A with respect to
preferred stock, but they shall in no case be subject to the
liability imposed upon stockholders under the Constitution
and Laws of Maryland. If such capital notes, debentures,
bonds or certificates of beneficial interest are deferred as
to payment to the claims of depositors and/or creditors,
they shall be considered as part of the capital structure of
the institution issuing the same for all purposes, and par-
ticularly within the meaning of Sections 20, 42 and 67 of
this Article.

SEC. 2. Any Acts or parts of Acts inconsistent here-
with, are, to the extent of their inconsistency, hereby re-
pealed.

SEC. 3. And be it further enacted, That this Act is
hereby 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 486.

AN ACT to add a new section to Article 11 of the Code of
Public General Laws of Maryland, as amended by Chap-
ter 46 of the Acts of the General Assembly of 1933,
said new Section to follow immediately after Section