J. MILLARD TAWES, Governor                      339

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 acknowledgements, and then filed with
the [Bank] Commissioner for examination. The [Bank] Com-
missioner 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-
cordance with existing laws, whether the character, responsibility and
general fitness of the person or persons, named in such certificate,
are such as to command confidence and warrant belief that the busi-
ness of the proposed corporation will be honestly and efficiently con-
ducted in accordance with the intent and purpose of this article, and
whether the public convenience and advantage will be promoted by
allowing such proposed corporation to engage in business. After the
[Bank] Commissioner shall have satisfied himself by such investi-
gation 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] six (6) months after the date of the
filing of such certificate for examination, endorse upon each of the
triplicates thereof, over his official signature, the word "approved"
or the word "refused" with the date of such endorsement. In case
of refusal he shall return one of the triplicates so endorsed to the
proposed 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 institution 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 shall have
been filed for record as herein directed. The fee for filing such
articles of incorporation with the [Bank] Commissioner shall be
twenty ($20.00) dollars, and for filing amendments to the articles of
incorporation, ten ($10.00) dollars, all such fees to be collected by
the [Bank] Commissioner. Provision shall be made in the bylaws
of the association for annual meetings for the purpose of electing
directors and members, and the transaction of other business. Every
director shall take and subscribe an oath that he will diligently and
honestly perform the duties of such office, and will not knowingly
violate or permit a violation of any provision of this article.

(b)  No such mutual savings institution shall be permitted to open
its doors for business without a certificate of authority to be issued
over the hand and seal of the Commissioner. Prior to the issuance of
such certificate, the Commissioner shall require that there be paid into
the institution to the credit thereof certain cash funds. This sum
of cash shall be in such amount as the Commissioner shall determine
to maintain the solvency of such institution, but in no event shall this
amount be less than that required to charter and establish a State
bank, as set forth in this Article, in the same city, town or village.

(c)  All sums in cash so paid in shall be evidenced by transferable
deferred payment certificates in such form as the Commissioner shall
approve.