684 LAWS OF MARYLAND. [CH. 404
CHAPTER 404.
(House Bill 32)

AN ACT to repeal and re-enact, with amendments, Section 71
of Article 11 of the Annotated Code of Maryland (1939
Edition), title "Banks and Trust Companies", sub-title
"General Regulations".

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 71 of Article 11 of the Annotated Code of
Maryland (1939 Edition), title "Banks and Trust Companies",
sub-title "General Regulations", be and the same is hereby
repealed and re-enacted, with amendments, to read as follows:

71. A bank or trust company may purchase, hold and con-
vey real estate for the following purposes only:

First. Such as shall be necessary for the convenient trans-
action of its business, including, with its banking offices, other
apartments in the same building, or on adjoining land, to
rent as a source of income; provided, however, that not more
than fifty (50%) per cent of its unimpaired capital and sur-
plus may be invested in its banking building, offices, furniture
and fixtures by any bank or trust company; but in any insti-
tutions wherein the aforesaid limitation has been reached,,
the Bank Commissioner 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 itr
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 contemplated
in the second and third sub-divisions preceding shall be held
for a longer time than eight years, provided, however, the Bank
Commissioner may extend such period of time for an addi-
tional period of two years under such conditions as he may
deem it expedient to prescribe. At the expiration of the full
ten year period, such real estate must be sold at public or
private sale within one year thereafter, unless the value of said
parcel or parcels of real estate shall have been charged down
on the books of such institution to an amount which shall be
agreeable to the Bank Commissioner. Nothing in this section
shall be construed as preventing a bank or trust company