ALBERT C. RITCHIE, GOVERNOR.                  759

officers of the corporation shall be elected and hold their offices
for one year and until their successors have been elected and
qualified, unless sooner removed by the board of directors.
Vacancies occurring in the intervals of elections shall be filled
by the board. Each director when appointed or elected shall
take an oath that he will, so far as the duty devolves on him,,
diligently and honestly administer the affairs of the corpora-
tion, and will not knowingly violate, nor willingly permit to be
violated, any of the provisions of law applicable to such corpo-
ration, and that he is the owner in good faith and in his own
right of the par value of stock required by this section, sub-
scribed by him or standing in his name on the books of the
corporation? and that the same is not hypothecated nor in any
way pledged as security for any loan or debt.

SEC. 8. And be it further enacted, That Sections 54, 56, 5$
and 63 of Article 11 of the Annotated Code of the Public Gen-
eral Laws of Maryland, entitled "Banks and Trust Compa-
nies, " sub-title "General Provisions, " be and the same are here-
by repealed and re-enacted, with amendments, to read as*
follows:

54. Any bank, savings institution or trust company, here-
tofore incorporated under any general or special law of this
State, and any bank, savings institution or trust company,
hereafter created, under this Article, may amend its charter,
articles of incorporation or association, in any manner not
inconsistent with the provisions of law, at any time, and in,
the case of banking institutions having capital stock such
amendment shall be by a vote of its stockholders, representing
two-thirds of the capital stock, such vote to be taken at a meet-
ing called for that purpose. Such amendment, certified by the
president and cashier, or treasurer, shall be executed, approved,,
filed and recorded as required for articles of incorporation.

Unless the required surplus will permit, no increase of cap-
ital shall be valid until the amount thereof has been sub-
scribed, and actually paid in in the manner required by this,
sub-title for subscriptions to original stock. No stock dividend
shall be declared by any banking institution unless the remain-
ing surplus funds of the institution shall be entirely sufficient
to take care of all losses, and in addition thereto, leave sufficient
surplus funds as required by Section 70 of this Article. No
reduction of capital shall be made to a less amount than is re-
quired under the provisions of this Article for capital, nor be