834 LAWS OF MARYLAND. [CH. 370

CHAPTER 370.

AN ACT to extend and enlarge the powers and privileges of
the Mercantile Savings Bank of Baltimore City, a corpora-
tion duly formed under the provisions of the Public General
Laws of Maryland.

SECTION 1. Be it enacted by the Geneal Assembly of Mary-
land, That the Mercantile Savings Bank of Baltimore City, a
corporation duly formed under the provisions of the Code of
the Public General Laws of Maryland in addition to the powers
and privileges conferred upon it by its certificate of incorpora-
tion, which are hereby ratified and confirmed, shall have the
further rights, privileges and powers, particularly mentioned
in this Act.

SEC. 2. And be it enacted, That the authorized capital of
said corporation be increased to one hundred thousand dollars
consisting of one hundred thousand shares of the par value of
one dollar each.

SEC. 3. And be it enacted, That the stockholders of said
corporation be and they are hereby authorized at any special or
annual meeting by a vote of two-thirds of the issued capital
stock thereof to change the number of directors from seven, as
at present authorized, to such number as they may deem ex-
pedient, provided, that the number of directors shall not be less
than five, and provided, further that at any meeting of said
directors a majority of the board shall constitute a quorum for
the transaction of all business that may come before it.

SEC. 4. And be it enacted, That said corporation shall have
power to borrow money and to hypothecate its securities as col-
lateral for any loan; to receive money on deposit and to allow
interest thereon; to tend money or to discount in accordance
with bank usage, taking such security therefor, either real or
personal, as the board of directors may deem sufficient; and
said corporation may buy or sell bills of exchange, notes, bonds
or other securities; may purchase and hold such real and per-
sonal estate and property as may be necessary for the trans-
action of its business; may rent out to its depositors and others
boxes and other receptacles in its vault for the keeping of se-
curities and papers and other valuable articles; may issue let-
ters of credit and other commercial obligations, and generally
may do and transact a general banking business, and the char-
ter of said corporation is hereby made perpetual from the pas-
sage of this Act.