338                              LAWS OF MARYLAND                      [CH. 126

of whom shall be residents of Maryland and shall be elected
by the stockholders and hold office for one year, and until their
successors have been elected and have qualified. A majority of
the board of directors shall constitute a quorum for the trans-
action of business. In the first instance the directors shall be
elected at a meeting held before the bank is authorized to com-
mence business by the [Bank] Commissioner, and afterwards at the
annual meeting of the stockholders to be held during the month of
January; and if for any reason an election is not had at that meeting,
may be held at a subsequent meeting called for that purpose, of which
due notice shall be given as provided in the bylaws of such bank.
Every director shall take and subscribe an oath that he will dili-
gently and honestly perform the duties of such office, and will not
knowingly violate or permit a violation of any provision of this
article; that he is the owner in good faith of unencumbered stock
in the bank, of the par value of not less than [one hundred dollars
($100.00) in the case of banks having a capital stock not in excess
of twenty-five thousand dollars ($25,000.00);] two hundred and fifty
dollars ($250.00) in the case of banks having a capital stock of [more
than twenty-five thousand dollars ($25,000.00) and] not in excess of
fifty thousand dollars ($50,000.00); five hundred dollars ($500.00)
in the case of banks having a capital stock of more than fifty thou-
sand dollars ($50,000.00) standing in his name on the books of the
bank. Provided, however, that in determining the amount of stock
which a director shall own, only the par value of the common stock
shall be considered and capital notes and/or debentures sold or issued
by any such banking institution shall not be considered in such calcu-
lation. Any vacancy in the board of directors shall be filled by the
board, and the directors so appointed shall hold office until the next
election. Within fifteen days after the date on which the annual
meeting of the stockholders is held, the directors elected at such
meeting shall, after due qualification, hold a meeting at which the
officers of the bank shall be elected and hold their offices for one
year and until their successors have been elected and qualified, unless
sooner removed by the board of directors. The directors of a bank
for the time being shall give three weeks' public notice in at least
two daily newspapers published in the City of Baltimore, if the cor-
poration be located in the City of Baltimore, or in at least one or more
newspapers published in the county if there be two newspapers pub-
lished in the county where the corporation may be located, if not
located in the said city of the annual meeting of the stockholders.
Nothing contained in this section shall be construed to affect the term
of officer ELIGIBILITY of any director heretofore elected.

39.

(a) 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 proposed
to manage the associations' affairs, which shall not be less than five
NOR MORE THAN THIRTY, who must be members of the