J. MILLARD TAWES, Governor 187

ACCORDANCE WITH THE INTENT AND PURPOSES OF THIS
ARTICLE, AND WHETHER THE PUBLIC CONVENIENCE AND
ADVANTAGE WILL BE PROMOTED BY ALLOWING SUCH PRO-
POSED CORPORATION TO ENGAGE OR CONTINUE IN BUSI-
NESS. AFTER THE BANK COMMISSIONER SHALL HAVE SAT-
ISFIED HIMSELF BY SUCH INVESTIGATION WHETHER IT IS
EXPEDIENT, AND DESIRABLE TO PERMIT SUCH PROPOSED
CORPORATION TO ENGAGE OR CONTINUE IN BUSINESS,
HE SHALL HAVE POWER TO REQUIRE SUCH CHANGES IN
SAID CERTIFICATE AS HE MAY DEEM NECESSARY. HE
SHALL WITHIN SIXTY DAYS AFTER THE DATE OF THE
FILING OF SUCH CERTIFICATE FOR EXAMINATION, EN-
DORSE UPON EACH OF THE TRIPLICATES THEREOF OVER
HIS OFFICIAL SIGNATURE, THE WORD "APPROVED" OR
THE WORD "REFUSED" WITH THE DATE OF SUCH EN-
DORSEMENT. IN CASE OF REFUSAL HE SHALL RETURN
ONE OF THE TRIPLICATES SO ENDORSED TO THE PRO-
POSED INCORPORATORS. IN CASE OF APPROVAL, THE
TRIPLICATES SHALL BE RETURNED TO THE PROPOSED
INCORPORATORS. ONE COPY SHALL THEN BE FILED FOR
RECORD IN THE OFFICE OF THE CLERK OF THE CIRCUIT
COURT IN THE COUNTY IN WHICH THE BANK IS TO BE
LOCATED, OR IN THE OFFICE OF THE CLERK OF THE
SUPERIOR COURT OF BALTIMORE CITY, WHEN TO BE
LOCATED IN SAID CITY, AND ONE COPY SHALL BE FILED
WITH THE BANK COMMISSIONER, WHO SHALL ISSUE HIS
CERTIFICATE THEREFOR, AND ONE COPY SHALL BE FILED
WITH THE STATE TAX COMMISSION. THE CORPORATION
SO FORMED SHALL HAVE NO LEGAL EXISTENCE UNTIL
ALL COPIES OF THE ARTICLES OF ASSOCIATION HAVE
BEEN FILED FOR RECORD AS HEREIN DIRECTED. THE FEE
FOR FILING SUCH ARTICLES OF INCORPORATION WITH
THE BANK COMMISSIONER SHALL BE TWENTY DOLLARS
($20. 00), AND FOR FILING AMENDMENTS TO THE ARTICLES
OF INCORPORATION TEN DOLLARS ($10. 00), ALL SUCH
FEES TO BE COLLECTED BY THE BANK COMMISSIONER.

39.

An association for carrying on the business of savings banking
may be formed by any number of persons, not less than fifteen, citi-
zens of the United States, and a majority of them citizens of this
State, who shall enter into articles of association which shall specify
the object for which the association is formed and shall state: The
name by which the savings institution is to be known, the village,
town or city and county where such institution is to be located, the
names and residences of the members thereof, the date on which it
is proposed to commence operations, the number of directors pro-
posed to manage the association's affairs, which shall not be less
than five, who must be members of the association, and the names
and residences of the directors who shall serve the first year. The
articles of association shall be executed in triplicate by the persons
joining therein before any officer authorized to take acknowledg-
ments, and then filed with the Bank Commissioner for examination.
The Bank Commissioner shall thereupon ascertain from the best
sources of information at his command, and by such investigation as
he may deem necessary, whether the said articles are framed in ac-