470 LAWS OF MARYLAND. [CH. 268

have been paid in full, and the remaining one-half within, one
year from the date of its organization. Provided, that this sec-
tion shall not apply to any person, co-partnership, incorpor-
ated banks, or other incorporated institutions doing a banking
business, now engaged in the banking business in this State,
except in such cases where said person, co-partnership, incor-
porated banks or other incorporated institution doing a bank-
ing business shall hereafter undertake to establish or organize
a branch or branches outside of the city, town or village in
which they are now located, in which event the aforegoing
terms and conditions relative to the subscription and payment
of capital stock shall be fully complied with, for each and
every branch so established or organized, so that for every
branch, or branches hereafter established by any bank, addi-
tional capital shall be subscribed and paid for in the manner
herein provided, unless the paid-in capital of such bank is al-
ready sufficient under the present conditions of the law to pro-
vide the capital required by a bank hereunder doing business
in the city, town or village in which it may be located, and
for branch banks in cities, towns or villages in which it pro-
poses to establish branches.

SEC. 5. And be it further enacted, That Sections 42 and 51

of Article 11 of the Annotated Code of Maryland, title
"Banks and Trust Companies," sub-title "Trust Companies,"
be and the same are hereby repealed and re-enaeted with

amendments, so as to read as follows:

42. Eleven or more persons, citizens of the United States,
and a majority of them citizens of this State, may form a cor-
poration to be known as a trust company. Such persons shall
under their hands and seals acknowledge articles of incorpora-
tion which shall specifically state :

First. The name by which the corporation shall be known.

Second. The place where its business is to be transacted.

Third. The amount of its capital stock and the number of
shares of the par value of not less than fifty dollars each, into
which same is to be divided.

Fourth. The name, residence and postoffice address of each
member of the corporation.

Fifth. The term of its existence, not exceeding forty years.

Sixth. A declaration that each member of the corporation
will accept the responsibilities and faithfully discharge the
duties of a director therein, if elected to act as such.