786 LAWS OF MARYLAND. [CH. 266

Companies", sub-title ''Banks", as the same was re-enacted by
Chapter 268 of the Acts of 1920, be and the same is hereby re-
pealed and re-enacted with amendments so as to read as follows:

SEC. 20. Any number of persons, not less than five, citizens
of the United States and a majority of them citizens of this
State, may associate to establish a bank under this Article upon
the terms and conditions and subject to the liabilities pre-
scribed herein. The capital stock for any bank shall not be less
than twenty-five thousand dollars in towns or villages having
less than fifteen hundred inhabitants, and shall not be less than
thirty-five thousand dollars in towns, villages or cities having
more than fifteen hundred and less than thirty-five hundred
inhabitants, and shall not be less than forty thousand dollars
in towns or cities having more than thirty-five hundred and less
than five thousand inhabitants, and shall not be less than forty-
five thousand dollars in any city having more than five thousand
and less than ten thousand inhabitants, and shall not be less
than sixty-five thousand dollars in any city having more than
ten thousand inhabitants and less than fifty thousand inhabi-
tants; and shall not be less than one hundred thousand dollars
in any city having more than fifty thousand inhabitants and
less than one hundred and fifty thousand inhabitants, and shall
not be less than two hundred thousand dollars in any city hav-
ing more than one hundred and fifty thousand inhabitants;
the number of inhabitants in each case to be ascertained or de-
termined by the last Federal or State enumeration; and no
bank shall start business until all of the capital stock provided
for in this section shall have been paid for in full. Provided
that this section shall not apply to any person, co-partnership,
incorporated bank, 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,
incorporated banks or other incorporated institution doing a
banking business shall hereafter undertake to establish or or-
ganize 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, additional capital
shall be subscribed and paid for in the manner herein provided,
unless the paid-in capital of such bank is already sufficient under
the present conditions of the law to provide the capital required