1090                       LAWS OF MARYLAND.                  [CH. 420

securing certain public deposits or securing the surety or sure-
ties on bonds to secure such deposits.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 23 of Article 11 of the Annotated Code of
Maryland (1924 Edition), title "Banks and Trust Companies, "
sub-title "Banks, 7' be and it is hereby repealed and re-enacted
with amendments, to read as follows:

23. Upon making and filing of the articles of incorporation,
and upon the payment of the bonus and other taxes required by
the laws of this State, the bank shall become a body corporate
and as such shall have the following powers:

First. To make all contracts necessary and proper to effect
its purpose and conduct its business.

Second. To sue and be sued, to appear and defend in all ac-
tions and proceedings under its corporate name to the same ex-
tent as a natural person.

Third. To have a common seal and to alter the same at
pleasure.

Fourth. To elect or appoint all necessary officers, agents
and servants, define their duties and obligations, fix their com-
pensation, dismiss them, fill vacancies and require bonds.

Fifth. To make, amend and repeal by-laws and regulations,
not inconsistent with law or its articles of organization, for its
own government, for the orderly conduct of its affairs and the
management of its property, for determining the manner of
calling and conducting its meetings, the tenure of office of its
several officers, and such other matters as shall be necessary or
convenient for the accomplishment of its purpose.

Sixth. To exercise, by its directors, duly authorized officers
or agents, all such powers as shall be usual in carrying on the
business of banking; by buying, discounting and negotiating
promissory notes, bonds, drafts, bills of exchange, 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 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 ac-
ceptance, by a warehouse receipt or other such documents con-