478

LAWS OF MARYLAND.

three-fourths of the paid-up capital stock shall
signify their acceptance of the same, and said
acceptance be certified by a majority of said cor-
porators to the treasurer and comptroller of the
state, and a certificate of their organization be
transmitted to the clerk of the court of appeals
to be by him recorded among the records of his
office, and not before, shall they be entitled to all
the benefits and privileges herein conveyed or
intended to be conveyed.
SEC. 5 . And be it enacted. That the said corpora-
tion shall have power to borrow money, receive

Conduct a
banking busi-
ness.

money on deposit and pay interest thereon, if so
agreed between the bank and the depositor; and
to loan money, or to discount in accordance with
the bank usage, taking such security therefor,
either real or personal, as board of directors of
said bank may deem sufficient; may buy and sell
bills of exchange, notes, bonds or other securi-
ties; may accept and hold all such trust funds,
special deposits or savings left for safe keeping,
receiving and allowing such legal rate of inter-
est as may be agreed upon; may purchase annui-
ties and real estate as may be requisite for the
immediate accommodation of its business; may,
if necessary, give bonds for the foreclosure of
mortgages, or on executions upon judgments;
may issue letters of credit and other commercial
obligations, and generally to do and transact a
general banking business ; provided, however,
that said corporation shall not issue any notes
usually denominated bank notes.
SEC. 6. And be it enacted, That the board of

Power of di-
rectors.

directors shall have power to regulate all mat-
ters pertaining to special or trust deposits, the
amounts to be received at any time and the man-
ner in which the same shall be received or paid,
as the case may be; provided the aggregate
amount of said special or trust deposits does not
at any one time exceed one-half the entire cap-
ital stock of the bank.
SEC. 7. And be it enacted, That whenever any

Rights of fe-
males and mi-
nors.

deposit shall be made by a minor the directors
of the bank may, at their discretion, pay to such
depositor such sum or sums of money as may be
due him or her, and the check, receipt or acquit-
tance of such minor shall be valid; and that the