1258                        LAWS OF MARYLAND.                  [CH. 504

62. Every bank (other than a savings bank without capital
stock) shall keep on hand at all times a reserve of at least 15 per
cent of its deposits, payable on demand; which reserve may be
kept as cash on hand, or on deposit in such bank or banks, or
trust company or trust companies of the State of Maryland, or
elsewhere, of good standing, as the board of directors or execu-
tive committee by resolution may direct. Every trust company
shall keep on hand at all times a reserve of at least 10 per cent
of its deposits payable on demand (not including thereunder,,
however, any deposits made by the City of Baltimore and secured
by the counter deposits of Baltimore city stock); which reserve
shall be kept on deposit in such bank or banks, or trust company
or trust companies of good standing, either in the State of
Maryland or elsewhere, as the board of directors or execu-
tive committee may direct; and every trust company shall
also keep on hand, as an additional reserve, at least 5 per cent of
the amount of such deposits, which additional reserve may be kept
on deposit in such bank or banks or trust company or trust
companies as the board of directors or executive committee
thereof may direct, or in the form of registered bonds or public
stock of the United States, or the State of Maryland, or of"
Baltimore City, or of the bonds of any county or municipal cor-
poration of this State, which shall be approved by the Bank-
Commissioner; provided, however, that any securities which
have been deposited by any such trust company with the Treas-
urer of the State, in accordance with Sections 141 and 149' of
Article 23 of the Annotated Code of Public Civil Laws of Mary-
land, may be considered as the whole or a part, as the case may
be, of said last-mentioned required 5 per cent reserve. Cash item&
shall not be considered as a part of the reserve herein required
to be kept by either banks or trust companies, but cash actu-
ally on hand held by a trust company shall be considered as a
part of the reserve herein first required to be kept by such trust
company.

SEC. 2. And Be it further enacted, That this Act shall be-
come effective June 1, 1931.

Approved April 17, 1931.

CHAPTER 504.

AN ACT to repeal and re-enact with amendments Section 192'
of Article 16 of the Annotated Code of Maryland (1929 Sup-
plement), title "Chancery, " sub-title "Pleadings, Practice
and Process, " providing that it shall not be necessary for