1042 LAWS OF MARYLAND. [CH. 495

signed and verified by the oath and affirmation of one
of the officers of said bank or trust company. The Bank
Commissioner shall also have the power to call for special
reports from any bank or trust company whenever, in his
judgment, the same is necessary to inform him fully of the
condition of the bank or trust company.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1935.

Approved April 25, 1935.

CHAPTER 495.

AN ACT to repeal and re-enact, with amendments, Section
26 of Article 11 of the Annotated Code of Maryland (1924
Edition), title "Banks and Trust Companies, " sub-title
"Banks, " as said section was amended by Chapter 272 of
the Acts of 1933, relating to the qualifications of direc-
tors.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 26 of Article 11 of the Annotated
Code of Maryland (1924 Edition), title "Banks and Trust
Companies, " sub-title "Banks, " as said section was amended
by Chapter 272 of the Acts of 1933, be and it is hereby re-
pealed and re-enacted, with amendments, to read as follows:

26. The affairs of the bank shall be managed by a board
of not less than five directors, a majority of whom shall be
residents of Maryland and shall be elected by the stock-
holders and hold office for one year, and until their succes-
sors have been elected and have qualified. A majority of
the Board of Directors shall constitute a quorum for the
transaction of business. In the first instance the directors
shall be elected at a meeting held before the bank is author-
ized to commence business by the Bank Commissioner, and
afterwards at the annual meeting of the stockholders to be
held during the month of January; and if for any reason an
election is not had at that meeting, it may be held at a sub-
sequent meeting called for that purpose, of which due notice
shall be given as provided in the by-laws of such bank.
Every director shall take and subscribe an oath that he will
diligently and honestly perform the duties of such office,
and will not knowingly violate or permit a violation of any
provision of this Article; that he is the owner in good faith
of unencumbered stock in the bank, of the par value of not