JOHN WALTER SMITH, ESQ., GOVERNOR.

449

firmed and ratified, it shall have and possess the powers,
rights, privileges, franchises and immunities mentioned in the
said Act, as well as those hereinafter set forth ; and it is
hereby authorized and empowered to do business in the State
of Maryland or elsewhere in the United States.

CHAP. 326.

SEC. 2. Be it enacted, That the said Act of 1892, chapter 171,
further amended by adding thereto the following sections, to
succeed section 6, and to be consecutively numbered sections
7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18.

New sections
added.

Section 7. Be it enacted, That the money which the said
company is authorized to receive on deposit may be held by
it, subject to check or draft at sight or on demand, or
certificates of deposit may be issued therefor as the depositor
and the board of directors may mutually agree upon ; and the
board of directors may, by motion or resolution entered on the
minutes of its proceedings, set apart not less than twenty-five
thousand dollars ($25,000) of its capital stock for the purpose
and business of loaning on promissory and negotiable notes,
bills obligatory and other evidences of debt and other satis-
factory security.

Held
subject to
check
or draft at

sight.

Section 8. That whenever the board of directors decide to
set apart any portion of the capital stock, as provided in the
last preceding section, they shall cause to be sent to the Treas-
urer of the State of Maryland a statement of the amount eo
set apart and of moneys so deposited with it, of the cash on
hand, specifying the amount of coin and notes of other banks,
and of the amount and value of public and other stocks held
by the said company ; the said statements to be furnished once
a year, on or before the twentieth day of March, to show the
condition of the said company at the close of its transaction
for its fiscal year ; and the said corporation shall publish said
statement, so made to the treasurer, in one newspaper pub-
lished in Salisbury, which shall be verified by the oath or
affirmation of the president, vice-president or cashier of the
said corporation ; provided, that so much of the capital stock
of the said company as may be set apart as aforesaid shall not
be exempt from taxation as the residue of its capital stock is
and shall be; but the capital stock so set apart shall be liable
to taxation to the same extent and in the same manner as the
capital stock of banks is liable to taxation and no further.

Statement to
be sent to
Treasurer of
the State
of Maryland.

Section 9. And be it enacted, That whenever any deposits
shall be made by a minor or a married woman, such deposits
shall be received or held and paid out on precisely the same
conditions as those of adult make or feme sole depositors ; and
the directors of the said company may, at their discretion, pay
to such minor or female covert depositor such .sum or sums of
89

Deposits
received
from minors
or females.