1046 LAWS OF MARYLAND. [CH. 498

CHAPTER 498.

AN ACT to repeal and re-enact, with amendments, Section
32 of Article 11 of the Annotated Code of Maryland
(1924 Edition), title "Banks and Trust Companies, " sub-
title "Savings Institutions, " as said section was amended
by Chapter 294 of the Acts of 1931, authorizing mutual
savings institutions to establish and maintain branches
under certain conditions.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 32 of Article 11 of the Annotated
Code of Maryland (1924 Edition), title "Banks and Trust
Companies, " sub-title "Savings Institutions, " as said Sec-
tion was amended by Chapter 294 of the Acts of 1931, be
and it is hereby repealed and re-enacted, with amendments,
to read as follows:

32. No savings institution or savings bank hereafter
incorporated shall have any capital stock, but shall be a
mutual association. With the approval of the Bank Com-
missioner, any mutual savings institution shall have the
right and authority to establish in the same city, town or
village and maintain branches where its guarantee fund
equals the minimum requirement as to capital of State
banks in the same locality.

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

Approved April 25, 1935.

CHAPTER 499.

AN ACT to repeal and re-enact, with amendments, Section
2 of Article 11 of the Annotated Code of Maryland (1924
Edition), title "Banks & Trust Companies, " sub-title
"Bank Commissioner, " as said section was amended by
Chapter 294 of the Acts of 1931, relating to the salary of
the Deputy Bank Commissioner.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 2 of Article 11 of the Annotated
Code of Maryland (1924 Edition), title "Banks and Trust
Companies, " sub-title "Bank Commissioner, " as said sec-
tion was amended by Chapter 294 of the Acts of 1931, be
and it is hereby repealed and re-enacted, with amendments,
to read as follows: