BANKS. 15

in accordance with any such act of Congress or under such
regulations as the Bank Commissioner of this State shall pre-
scribe. The provisions of this section shall not be construed
to permit any savings institution or any loan and trust com-
pany, or any other than a corporation doing a strictly banking
business, to issue circulation notes.

Savings Institutions.

30. An association for carrying on the business of savings
banking may be formed by .any number of persons not less
than fifteen, citizens of the United States, and a majority of
them citizens of this State, who shall enter into articles of
association which shall specify the object for which the asso-
ciation is formed, and shall state: The name by which the
savings institution is to be known, the village, town or city
and county where such institution is to be located, the names
and residences of the members thereof, the date on which it is
proposed to commence operations, the number of directors
proposed to manage the association's affairs, which shall be
not less than five, who must be members of the association,
and the names and residences of the directors who shall serve
the first year. The articles of association shall be executed in
duplicate by the persons joining therein, before an officer
authorized to take acknowledgments, after they have been
approved, in writing, by the Bank Commissioner, who shall
have power to require such changes as he may deem necessary
before he approves them, and shall then be submitted to one
of the judges of the judicial circuit in which the savings insti-
tution is to be located, in order that he may determine whether
the said articles are framed in accordance with existing laws.
One copy shall then be filed for record in the office of the
Clerk of the Circuit Court in the county in which the insti-
tution is to be located, or in the office of the Clerk of the
Superior Court of Baltimore City, when to be located in said
city, and. one copy will be filed with the Bank Commissioner,
who shall charge a fee of ten ($10) dollars for filing same,
and shall issue his certificate therefor. The corporation so
formed shall have no legal existence until the articles of asso-
ciation shall have been filed for record as herein directed.
Provision shall be made in the by-laws of the association for
annual meetings for the purpose of electing directors and mem-
bers, and the transaction of other business.

31. No savings institution or savings bank hereafter in-
corporated shall have any capital stock, but shall be a mutual
association, provided that nothing in this Article shall pro-
hibit any savings institution, or savings bank, now in exist-
ence, and having capital stock, from increasing its capital