292 LAWS OF MARYLAND. OH. 222

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1941.

Approved May 26, 1941.

CHAPTER 222.
(Senate Bill 286)

AN ACT to add a new Section to Article 11 of the Anno-
tated Code of Maryland (1939 Edition), title "Banks
and Trust Companies", sub-title "General Regulations",
said new Section to be known as Section 78A and to
follow immediately after Section 78 of said Article,
authorizing the Bank Commissioner, within certain lim-
its, to change the reserve requirements for deposits in
banks and trust companies.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That a new Section be and it is hereby added to
Article 11 of the Annotated Code of Maryland (1939 Edi-
tion), title "Banks and Trust Companies", sub-title "Gen-
eral Regulations", said new Section to be known as Section
78A, to follow immediately after Section 78 of said Article
and to read as follows:

78A. Whenever the Bank Commissioner, after consul-
tation with the Banking Board, shall determine that the
maintenance of sound banking practices or the prevention
of injurious credit expansion or contraction make such
action advisable, he may by regulation change the require-
ments as to reserves to be maintained against demand
deposits or time deposits or both, by banks or trust com-
panies or both; provided that no required reserve shall be
in an amount less than the percentage specified in the pre-
ceding section of this Article nor more than twice such
percentage; and provided further, that in no event shall
any such required reserve be increased to an amount in
excess of the corresponding reserve requirements applicable
to a Federal Reserve System member bank in the same
locality.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1941.

Approved May 26, 1941.