1004 LAWS OF MARYLAND. [CH. 359
CHAPTER 359.

AN ACT to repeal and re-enact, with amendments, Section 42
of Article 11 of the Annotated Code of Maryland, Edition
of 1924, title "Banks and Trust Companies, " sub-title
"Trust Companies, " as amended by Chapter 188 of the Acts
of 1927, for the purpose of allowing the capital stock of
trust companies to be divided into shares of the par value
of not less than Ten Dollars ($10. 00) each.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 42 of Article 11 of the Annotated
Code of Maryland, Edition of 1924, title "Banks and Trust
Companies, " sub-title "Trust Companies, " as amended by
Chapter 188 of the Acts of 1927, be and the same is hereby
repealed and re-enacted, with amendments, so as to read as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 incorpo-
ration 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 ten dollars each, into
which same is to be divided.

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

Fifth. 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.

The capital stock of such corporation must be at least five
hundred thousand dollars; provided, however, that a corpora-
tion with a capital of not less than two hundred thousand dol-
lars may be organized in a city containing more than one
hundred thousand and less than two hundred and fifty
thousand inhabitants, and a corporation may be organized with
a capital of not less than one hundred and fifty thousand dol-
lars in a city containing more than twenty-five thousand in-
habitants and less than one hundred thousand inhabitants, and