HERBERT R. O'CONOR, GOVERNOR. 685

countries or dependencies or insular possessions of the
United States for the purpose of furnishing dollar exchange
as required by the usages of trade in the respective coun-
tries, dependencies or insular possessions, provided that
it shall not accept such drafts or bills of exchange for the
purpose of furnishing dollar exchange for any one bank
or banker to an amount not exceeding in the aggregate
10 per centum of the paid-up and unimpaired capital and
surplus of the accepting bank unless the draft or bill of
exchange is accompanied by documents conveying or secur-
ing title or by some other adequate security, and provided
further that it shall not accept such drafts or bills of
exchange for the purpose of furnishing dollar exchange in
any amount exceeding at any time the aggregate of one-
half of its paid-up and unimpaired capital and surplus;
by issuing letters of credit, authorizing the holders thereof
to draw drafts upon it for its correspondents at sight or
on time not exceeding one year; and by loaning money on
personal or real security, as provided hereinafter.

Seventh. To deposit securities for the purpose of secur-
ing deposits of the United States Government and its
agencies, and the State of Maryland and counties, cities,
towns and other political sub-divisions of the State of
Maryland, or to secure the surety or sureties on bonds
furnished to secure such deposits, and to pledge securi-
ties to secure the prompt repayment of deposits of money
of estates administered under the Bankruptcy Laws of
the United States.

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

Approved May 3, 1939.

CHAPTER 310.
(Senate Bill 253)

AN ACT to repeal and re-enact with amendments, Section
15 of Article 81 of the Annotated Code of Maryland
(1935 Supplement) title "Revenue and Taxes", sub-title
"Method of Assessment"; and to repeal Section 17 of
said Article.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 15 of Article 81 of the Annotated