342                             LAWS OF MARYLAND                      [CH. 126

event there is no such body, by a vote of the board of directors, such
vote to be taken at a meeting duly called for that purpose as pro-
vided by law. A copy of the agreement setting forth the terms and
conditions of the proposed plan, executed before a public officer,
qualified to take acknowledgments, by the president and treasurer of
the associations entering into the agreements, must be filed with the
[Bank] Commissioner.

53.

Five or more persons, citizens of the United States, and [a majority
of them] citizens of this State, may form a corporation to be known
as a trust company. Such persons shall under their hands and seals
acknowledge articles of incorporation which shall specifically state:

First: The name by which the corporation shall be known, which
name shall be in no material respect similar to the name of any other
trust company in the same State, county or city.

Second: The place where its business is to be transacted.

Third: The amount of its capital stock and the number of shares
of the par value of not less than ten dollars each, into which same is
to be divided.

Fourth: The name, residence and post-office address of each mem-
ber of the corporation.

Fifth: A declaration that each member of the corporation will
accept the responsibilities and faithfully discharge the duties of a
director therein, if elected to act as such.

The capital stock of such corporation must be at least seven hun-
dred and fifty thousand dollars; provided, however, that a corporation
with a capital of not less than two hundred thousand dollars may be
organized in a city containing more than one hundred thousand and
less than two hundred and fifty thousand inhabitants, and a corpora-
tion may be organized with a capital of not less than one hundred
and fifty thousand dollars in a city containing more than twenty-five
thousand inhabitants and less than one hundred thousand inhabitants
and with a capital of at least one hundred thousand dollars in a city
or town the population of which does not exceed twenty-five thousand
inhabitants, the number of inhabitants in each case to be ascertained
or determined by the last federal or State enumeration, and no trust
company shall start business until all of the capital stock provided
for in its charter and an additional sum equal to 20% thereof as
surplus, shall have been paid for in full in money and no payment
shall be regarded as made by the delivery of any note, security or
property of any kind as a substitute for money, except as otherwise
provided by law.

In the event that any trust company hereafter establishes a branch
or branches outside of the city, town or village in which it is now
located, it shall add for each branch established, to its paid-in capital
the following sums and twenty per cent. (20%) thereof as additional
surplus; the sum of twenty-five thousand dollars in towns or villages
having less than fifteen thousand (15,000) inhabitants; seventy-five
thousand dollars in towns, villages or cities having more than fifteen
thousand (15,000) and up to fifty thousand (50,000) inhabitants, and