BANKS. 13

foreign and domestic; issuing letters of credit, and by loan-
ing money on personal or real security, as provided herein-
after.

24. The subscriptions to the original stock and the direction
of the affairs of the corporation prior to the election of direc-
tors shall be in conformity with the statutes of the State relat-
ing to corporations regulating such matters, so far as appli-
cable.

25. Whenever articles of incorporation are filed with the
Bank Commissioner, as herein provided, and the bank trans-
mitting the same notifies the Bank Commissioner that its cap-
ital has been duly paid in, in cash, and that such bank has
complied with all the provisions of this Act required, before
the bank shall be authorized to commence business the Bank
Commissioner shall examine into the condition of such bank,
ascertain whether or not the capital to the extent of at least
one-half has been paid in, the name and place of residence of
each of its directors, and whether such bank has complied with
all the provisions of law required to entitle it to engage in the
business of banking. If upon such examination it; appears
that such bank is lawfully entitled to commence business, the
Bank Commissioner shall forthwith give to such bank a cer-
tificate, under his hand and official seal, that such bank is
authorized to commence business. If the Bank Commissioner
has reason to believe that the stockholders have formed the
same for any other than the legitimate business contemplated
by this Act, he may, with the advice and consent of the Gov-
ernor, withhold the certificate herein mentioned.

26. The affairs of the bank shall be managed by a board of
not less than five directors, a majority of 'whom shall be resi-
dents of Maryland and shall be elected by the stockholders and
hold office for one year, and until their successors have been
elected and have qualified. A majority of the board of direc-
tors shall constitute a quorum for the transaction of business.
In the first instance the directors shall be elected at a meet-
ing held before the bank is authorized to commence business
by the Bank Commissioner, and afterwards at the annual meet-
ing of the stockholders to be held during the month of Janu-
ary; and if for any reason an election is not had at that
meeting, it may be held at a subsequent meeting called for
that purpose, of which due notice shall be given as provided
in the by-laws of such bank. Every director shall take and
subscribe an oath that he will diligently and honestly perform
the duties of such office, and will not knowingly violate or
permit a violation of any provision of this Act; that he is the
owner in good faith of unencumbered stock in the bank, stand-