THEODORE R. MCKELDIN, GOVERNOR 1207

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1951.

Approved April 13, 1951.

CHAPTER 417
(House Bill 615)

AN ACT to add a new section to Article 11 of the Annotated
Code of Maryland (1947 Supplement), title "Banks and
Trust Companies'', to be under a new sub-title "Dormant
Accounts", said new section to be known as Section 196 and
to follow after Section 195 of said Article, relating to dor-
mant deposits, accounts or share accounts or any balance
therein in any bank, trust company, savings institution, na-
tional bank, savings and loan association or Federal savings
and loan association, authorizing the imposition of a serv-
ice or maintenance charge thereon, providing that the same
shall be paid after twenty (20) years to the Treasurer for
the benefit of the State of Maryland and providing for reim-
bursement to any owners or persons claiming the same at
any time thereafter out of funds of the State of Maryland.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new section be and it is hereby added to Article
11 of the Annotated Code of Maryland (1947 Supplement),
title "Banks and Trust Companies", to be known as Section 196
and to follow after Section 195 of said Article, to be under the
new sub-title "Dormant Accounts", and to read as follows:

Dormant Accounts

196. (a) Whenever any deposit, account or share account
or balance in any deposit, account or share account (legal,
beneficial, equitable or otherwise) in any bank, trust company,
savings institution, national bank, savings and loan associa-
tion or Federal savings and loan association has been dormant
(except for any crediting of interest thereon which may have-
been made) for at least ten (10) years, such bank, trust com-
pany, savings institution, national bank, savings and loan as-
sociation or Federal savings and loan association shall be auth-

——————

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.