758                         LAWS OF MARYLAND.                  [CH. 294

Laws of Maryland, Edition of 1924, entitled "Banks and Trust
Companies, " sub-title "Trust Companies, " be, and the same are
hereby repealed and re-enacted, with amendments, to read as
follows:

45. The Bank Commissioner shall before issuing a certifi-
cate of authorization to any such corporation, examine or cause
an examination to be made in order to ascertain whether the
requisite capital of such organization as provided in its char-
ter has been paid in, in money, as hereinbefore, in this
sub-title directed; and if it appears in such examination
that such capital has not been fully paid in in money,
: as hereinbefore in this sub-title directed by the bona fide
stockholders or subscribers as shown by a certified list
which shall have been furnished the Bank Commissioner,
previous to this time, showing the name, residence and actual
number of shares subscribed to and paid for, a certificate of
authorization shall not be granted; and no such corporation
shall commence business until such certificate of authorization
has been granted.

&x

50. The affairs of every such corporation shall be managed
and its corporate powers exercised by a board of directors of
such number, not less than eleven nor more than thirty, as shall
from time to time be prescribed in its by-laws. The number
of directors necessary to form a quorum for the transaction of
business may be fixed by the organization certificate or by the
by-laws; such quorum shall not be less than one-third of the
number of directors, and in no case less than seven. No person
'can be a director who is not the holder of at least five hundred
dollars ($500. 00) par value of the capital stock in the corpo-
ration. The persons named in the organization certificate, or
such of them, respectively, as shall become holders of at least
five hundred dollars ($500. 00) par value of such stock, shall
constitute the first board of directors, and may add to their
number, not exceeding the limit of thirty, and shall severally
continue in their office until others shall be elected to fill their
respective places. Such election shall be held at the office of the
corporation, and at such time and upon such public notice, not
less than ten days, by advertisement in at least one newspaper
published in the city or county where said office is located.
Within fifteen days after the date on which the annual meeting
of stockholders is held, the directors elected at such meeting
shall, after due qualification, hold a meeting at which the