756                         LAWS OF MARYLAND.                  [CH. 294

nor shall it at any time impair the guarantee fund of 3 per
cent, provided for. In ascertaining the profits or earnings, no
savings institution shall be required to charge off from the
premium of bonds purchased or hold more than an amount
proportionate to the life of the bond, and in ascertaining the
amount of said guarantee fund the assets shall not be valued
above their market value.

41. The provisions of Section 32 to 40C, inclusive, shall
apply to all savings banks, or savings institutions, without
capital stock, now existing or hereafter incorporated, engaged
in an exclusive savings bank business.

^&c

SEC. 6. And be it further enacted. That Section 42 of Arti-
cle 11 of the Annotated Code of the Public General LAWS OF MARYLAND. Edition of 1924, entitled "Banks and Trust Com-
panies, " sub-title "Trust Companies, " as the said section was
repealed and re-enacted by Chapter 359 of the Acts of Assem-
bly of 1929, be, and the same is hereby repealed and re-enacted,
with amendments, to read as follows:

42. Eleven or more persons, citizens of the United States,
and a majority of them citizens of this State, may form a cor-
poration to be known as a trust company. Such persons shall
under their hands and seals acknowledge articles of incorpora-
tion which shall specifically state:

First. The name by which the corporation shall be known
which name shall be in no material respect similar to the name
of any other trust company in the same county or city.

Second. The place where its business is to be transacted.

Third. The amount of its capital stock and the number of
shares of the par value of not less than ten dollars each, into
which same is to be divided.

Fourth. The name, residence and postoffice address of each
member of the corporation.

Fifth. A declaration that each member of the corporation
will accept the responsibilities and faithfully discharge the
duties of a director therein, if elected to act as such.

The capital stock of such corporation must be at least seven
hundred and fifty thousand dollars; provided, however, that a
corporation with a capital of not less than two hundred thou-
sand dollars may be organized in a city containing more than
one hundred thousand and less than two hundred and fifty
thousand inhabitants, and a corporation may be organized with
a capital of not less than one hundred and fifty thousand dollars