HERBERT R. O'CONOR, GOVERNOR. 677

SEC. 2. And be it further enacted, That this Act shall
take effect on June 1, 1939.

Approved May 3, 1939.

CHAPTER 306.
(Senate Bill 243)

AN ACT to repeal and re-enact with amendments, Section
62 of Article 11 of the Annotated Code of Maryland
(1935 Supplement) as amended by Chapter 180 of the
Acts of the regular session of 1937, title "Banks and
Trust Companies", sub-title "General Regulations".

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 62 of Article 11 of the Annotated
Code of Maryland (1935 Supplement) as amended by Chap-
ter 180 of the Acts of the regular session of 1937, title
"Banks and Trust Companies", sub-title "General Regu-
lations", be and the same is hereby repealed and re-enacted,
with amendments to read as follows:

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 executive committee by resolu-
tion may direct. Every bank shall also keep on hand at
all times a reserve of at least three per cent (3%) of their
time deposits; 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 executive
committee by resolution may direct, or in the form of di-
rect obligations of the United States Government, or the
State of Maryland. 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 stand-
ing, either in the State of Maryland or elsewhere, as the