ALBERT C. RITCHIE, GOVERNOR.                  755

qualified, unless sooner removed by the board of directors. The
directors of a bank for the time being shall give three weeks'
public notice in at least two daily newspapers published in
the City of Baltimore, if the corporation be located in the
City of Baltimore, or in at least one or more newspapers pub-
lished in the county, if there be two newspapers published in
the county where the corporation may be located, if not located
in the said city, of the annual meeting of the stockholders.

27. Any bank organized under this article may reorganize
under the laws of the United States as a national bank. Coin-
cident with the bank's making application to the Comptroller
of the Currency such bank shall file with the Bank Commis-
sioner a formal notice of its intention to convert into a national
banking association. As soon as such bank shall have obtained
the certificate from the Comptroller of the Currency, author-
izing it to commence business under the United States Bank-
ing Law, such reorganized bank shall take and hold all of the
assets, real and personal, of such bank organized under this
article, subject to all liabilities existing against such bank or-
ganized under this article at the time of such reorganization,
and shall immediately notify the Bank Commissioner of such
reorganization and transfer. Upon conversion into a national
banking association such bank shall file with the Bank Com-
missioner a copy of its authorization as a national banking
association, certified to by the Comptroller of the Currency.

SEC. 5. And be it further enacted, That Sections 32, 35 and
41 of Article 11 of the Annotated Code of the Public General
Laws of Maryland, Edition of 1924, entitled "Banks and
Trust Companies, " sub-title "Savings Institutions, " be, and
the same are hereby repealed and re-enacted, with amendments,
to read as follows:

32. No savings institution or savings bank hereafter incor-
porated shall have any capital stock, but shall be a mutual asso-
ciation.

35. The dividend or interest of the depositors in such sav-
ings institution shall be declared and paid from the net income
or profits after deducting expenses for management, losses,
necessary credits to premium account, taxes, and the amount
reserved for guarantee fund, but this dividend shall not exceed
such net income or profit remaining after the above deductions,