ALBERT C. RITCHIE, GOVERNOR. 1105

in carrying on the business of banking; by buying, discounting
and negotiating promissory notes, bonds, drafts, bills of ex-
change, 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; by buying
and selling exchange, foreign and domestic; by purchas-
ing, investing in and selling stocks, bills of exchange,
bonds and mortgages and other securities; by accepting
for payment at a future date, drafts or bills of exchange
drawn upon it, having not more than six months to run,
which grow out of transactions involving the importation
or exportation of goods, or which grow out of transactions
involving the domestic shipment of goods, provided shipping
documents conveying or securing title are attached at the time
of acceptance, or which are secured at the time of acceptance,
by a warehouse receipt or other such document conveying or
securing title covering readily marketable staples; by accept-
ing drafts or bills of exchange drawn upon it having not more
than three months' sight to run, by banks or bankers in foreign
countries or dependencies 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 possessions, 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 exceeding
in the aggregate ten per centum of the paid-up and unimpaired
capital and surplus of the accepting company 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 an amount ex-
ceeding 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
when moneys or securities for moneys are borrowed or received
on deposit, or for investment, the bonds or obligations of the
company may be given therefor, but it shall have no right to
issue bills to circulate as money.

SEC. 2. And be it further enacted by the General Assem-
bly of Maryland, That this Act shall take effect June 1st, 1924.

Approved April 9, 1924.