678 LAWS OF MARYLAND. [CH. 307

board of directors or executive committee may direct; and
every trust company shall also keep on hand, as an addi-
tional reserve, at least 5 per cent of the amount of such
deposits, which additional reserve may be kept on de-
posit in such bank or banks or trust company or trust
companies as the board of directors or executive commit-
tee thereof may direct, or in the form of registered or
coupon bonds or public stock of the United States, or the
State of Maryland, or of Baltimore City, or of the bonds
of any county or municipal corporation of this State,
which shall be approved by the Bank Commissioner.
Every trust company 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. Cash items shall not be considered as
a part of the reserve herein required to be kept by either
banks or trust companies, but cash actually on hand held
by a trust company shall be considered as a part of the
reserve herein first required to be kept by such trust com-
pany.

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

Approved May 3, 1939.

CHAPTER 307.
(Senate Bill 244)

AN ACT to repeal and re-enact, with amendments, Section
46 of Article 11 of the Annotated Code of Maryland
(1935 Supplement) title "Banks and Trust Companies",
sub-title "Trust Companies".

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 46 of Article 11 of the Annotated
Code of Maryland (1935 Supplement) title "Banks and
Trust Companies", sub-title "Trust Companies", be and
the same is hereby repealed and re-enacted, with amend-
ments, to read as follows: