1390 LAWS OF MARYLAND.

directors, or to such officers or agents at it shall deem proper.

SEC. 7. And be it enacted, That this Act shall take effect
from the date of its passage.

Approved April 8, 1910.

CHAPTER 707.

AN ACT to amend the Charter of the Cumberland Savings
Bank by repealing Sections 1, 2 and 3 of Chapter 277 .of the
Acts of the General Assembly of Maryland of 1900, "entitled
"An Act to Amend the Charter of the Cumberland Savings
Bank, so as to Authorize Said Bank to Engage in and
Conduct a General Banking Business," and enacting in lieu
thereof four new sections.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 1, 2 and 3 of Chapter 277 of the Acts of
1900, be and the same are hereby repealed, and four new sec-
tions be and the same are hereby enacted in lieu thereof, to
read as follows:

This bank shall be subject to the provisions of Article 11 of
the Code of Public General Laws of this State, title "Banks,"
and any amendments thereof, and the liability of the stock-
holders thereof shall at all times be determined by the laws of
the State in force at the time the said liabilities may attach.

This bank shall have power to exercise, by its directors, duly
authorized officers or agents, all such powers as shall be usual
in carrying on the business of banking, by buying, discount-
ing and negotiating promissory notes, bonds drafts, bills of
exchange, foreign and domestic, and other evidences of debt;
by receiving deposits of money upon, which interest may be
paid; by buying and selling coin and bullion, and by buying
and selling exchange, foreign and domestic, issuing letters of
credit, and by loaning money on personal or real security, as
provided by Article 11 of the Code of Public General Laws.

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
directors shall constitute a quorum for the transaction of
business. The directors shall be elected at the annual meeting
of the stockholders to be held during the month of January;
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 the bank. Every director shall take and subscribe an oath