Albert C. Ritchie, Governor,                 1091

veying or securing title covering readily marketable staples;
by accepting drafts or bills of exchange drawn upon it having
not more than three months7 sight to run, by banks or bankers
in foreign countries or dependencies or insular possessions of
the United States for the purpose of furnishing dollar exchange
as required by the usages of trade in the respective countries,
dependencies or insular possessions, provided that it shall not
accept such drafts or bills of exchange for the purpose of fur-
nishing dollar exchange for any one bank or banker to an
amount not exceeding in the aggregate 10 per centum of the
paid-up and unimpaired capital and surplus of the accepting
bank unless the draft or bill of exchange is accompanied by
documents conveying or securing title or by some other ade-
quate security, and provided further that it shall not accept such
drafts or bills of exchange for the purpose of furnishing dollar
exchange in any amount exceeding at any time the aggregate
of one-half of its paid-up and unimpaired capital and surplus;
by issuing letters of credit, authorizing the holders thereof to
draw drafts upon it or its correspondents at sight or on time-
not exceeding one year; and by loaning money on personal or
real security, as provided hereinafter.

Seventh. To deposit securities for the purpose of securing
deposits of the United States Government and its agencies, and
the State of Maryland and counties, cities, towns and other
political sub-divisions of the State of Maryland, or to secure the
surety or sureties on bonds furnished to secure such deposits.

SEC. 2. And be it further enacted, That Section 46 of Article
11 of the Annotated Code of Maryland (1924 Edition), title
"Banks and Trust Companies, " sub-title "Trust Companies, "
be and it is hereby repealed and re-enacted with amendments;
to read as follows:

46. Upon the filing of any such certificate of authorization of
a trust company, the persons named therein and their successors
shall thereupon and thereby become a corporation and shall
possess the following powers:

First. To act as the fiscal or transfer agent of any State,
municipality, body politic or corporation; and in such capacity
to receive and disburse money, to transfer, register and counter-
sign certificates of stock, bonds or other evidences. of indebted-
ness, and to act as agent of any corporation, foreign or domestic,
for any lawful purpose.

Second. To receive deposits of trust moneys, securities and
other personal property from any person or corporation, and
to loan money on real or personal securities and to receive money
on deposit.