420

LAWS OF MARYLAND.

CHAP. 299.

powers, amend and ratify the charter of the Farmers' and
Merchants' Bank of Salisbury, Wicomico county, Mary-
land."

Repeal
and re-enact.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That sections 3 and 18 of chapter 537 of the Acts
of 1894, be and the same are hereby repealed and re-enacted
with amendments, to read as follows:

Capital stock.

Section 3. And be it enacted, That the capital stock of the
said bank of Salisbury, Maryland, shall be twenty-five thou-
sand dollars, and the privilege is hereby given to said corpora-
tion to increase the capital stock to one hundred thousand
dollars by new subscriptions, or by adding to said capital semi-
annually or annually a portion of its net profits not otherwise
appropriated, whenever it shall be determined by the board of
directors.

How loans
shall be made

Section 18. And be it enacted, That no loan shall be made
by the corporation for the use of this State or the United
States, or to any one corporation or person to an amount
exceeding five thousand dollars, or to any other State of this
Union, or to any foreign province or State, to any amount
whatever without the previous consent of the Legislature, and
the capital stock and funds of said corporation shall be
deemed and taken to be personal, not real estate ; provided,
that loans made under this section to any one corporation or
person shall not be construed to mean one corporation or per-
son, that is, shall not be confined to the one corporation or
person, where the corporation or person shall give other
security, satisfactory to the directors, than that upon or for
each prior loan to such corporation or person ; nor confined to
loans made upon ample and satisfactory collateral security;
nor upon loans secured by mortgage ; nor shall the discounting
of bills of exchange, drawn in good faith against actually
existing values, and the discounting of commercial or business
paper actually owned by the person negotiating the same, be
considered as money borrowed.

SEC. 2. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved April 8, 1902.