688 LAWS OF MARYLAND. [CH. 311

Trust Companies", sub-title "General Regulations, be and
the same is hereby repealed and re-enacted, with amend-
ments, to read as follows:

55. A bank or trust company may purchase, hold and
convey real estate for the following purposes only:

First. Such as shall be necessary for the convenient
transaction of its business, including, with its banking of-
fices, other apartments in the same building, or on adjoin-
ing land, to rent as a source of income; provided; how-
ever, that not more than fifty (50%) per cent of its unim-
paired capital and surplus may be invested in its banking
building, offices, furniture, and fixtures by any bank or
trust company; but in any institutions wherein the afore-
said limitation has been reached, the Bank Commission-
ers may authorize such ordinary repairs, replacements to
furniture and fixtures, and other structural improvements,
as in his opinion are necessary for the proper continuance
of its banking business, under such conditions as the Bank
Commissioner may prescribe.

Second. Such as shall be conveyed to it in satisfaction
of debts previously contracted in the course of its business.

Third. Such as it shall purchase at sale on judgments,
decrees or mortgage foreclosures under securities held by
it, but a bank shall not bid at such a sale a larger amount
than is necessary to satisfy its debts and costs.

Fourth. No real estate acquired in the cases contem-
plated in the second and third subdivisions preceding shall
be held for a longer time than ten years, except when an
extension is granted by the Bank Commissioner. If such
extension be not granted, it must be sold at a private or
public sale within one year thereafter. Nothing in this
section shall be construed as preventing a bank or trust
company from loaning moneys upon real estate security as
provided by law. Nothing in this section shall affect the
title to or holding by any bank or trust company of any
real or leasehold estate now owned by said bank or trust
company, and nothing herein shall affect the rights of
banks or trust companies to purchase and hold land or real
or leasehold estate as trustee or in other fiduciary capacity.

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

Approved May 3, 1939