1104 LAWS OF MARYLAND. [CH. 430

cies or insular possessions of the United States for the purpose
of furnishing dollar exchange as required by the usages of trade
in the respective countries, dependencies, or insular posses-
sions, provided that it shall not accept such drafts or bills of
exchange for the purpose of furnishing dollar exchange for
any one bank or banker to an amount not exceeding in. the ag-
gregate ten per centum of the paid-up and unimpaired capital
and surplus of the accepting bank unless the draft or bill of
exchange is accompanied by documents conveying or securing
title or by some other adequate security, and provided further
that it shall not accept such drafts or bills of exchange for the
purpose of furnishing dollar exchange in any amount exceed-
ing at any time the aggregate of one-half of its paid-up and
unimpaired capital and surplus; by issuing letters of credit
authorizing the holders thereof to draw drafts upon it or its
correspondents at sight or on time not exceeding one year; and
by loaning money on personal or real security, as provided
hereinafter.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1st, 1924.

Approved April 9, 1924.

CHAPTER 430.

AN ACT to repeal and re-enact, with amendments, sub-section
Ninth of Section 46 of Article 11 of the Annotated Code of
Maryland, title "Banks and Trust Companies, " sub-title
"Trust Companies, " as said sub-section was amended by
Chapter 33 of the Acts of the General Assembly of Mary-
land of 1918, and by Chapter 268 of the Acts of the General
Assembly of Maryland of 1920.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That sub-section Ninth of Section 46 of Article 11 of the
Annotated Code of Maryland, title "Banks and Trust Com-
panies, " sub-title "Trust Companies, " as said sub-section was
amended by Chapter 33 of the Acts of the General Assembly
of Maryland of 1918, and by Chapter 268 of the Acts of the
General Assembly of Maryland of 1920, be and the same is
hereby repealed and re-enacted with amendments, so as to read
as follows:

46. Sub-section Ninth. To exercise, by its directors, duly
authorized officers or agents, all such powers as shall be usual