344                                   LAWS OF MARYLAND                          [CH. 126

60.

The affairs of every such corporation shall be managed and its
corporate powers exercised by a board of directors of such number,
not less than five, or more than thirty, as shall from time to time
be prescribed in its bylaws. The number of directors necessary to
form a quorum for the transaction of business may be fixed by
the organization certificate or by the bylaws; such quorum shall
not be less than one-third of the number of directors, and in no
case less than four. No person can be a director who is not the
holder of at least five hundred dollars ($500.00) par value of the
capital stock in the corporation. The persons named in the organi-
zation certificate, or such of them respectively, as shall become
holders of at least five hundred dollars ($500.00) par value of such
stock, shall constitute the first board of directors, and may add to
their number, not exceeding the limit of thirty, and shall sever-
ally continue in their office until others shall be elected to fill their
respective places. Such election shall be held at the office of the
corporation, and at such time and upon such public notice, not less
than ten days, by advertisement in at least one newspaper published
in the city or county where such office is located. Within fifteen
days after the date on which the annual meeting of stockholders is
held, the directors elected at such meeting shall, after due quali-
fication, hold a meeting at which the officers of the corporation
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. Vacancies occurring in the intervals of
elections shall be filled by the board. Each director when appointed
or elected shall take an oath that he will, so far as the duty develops
on him, diligently and honestly administer the affairs of the cor-
poration, and will not knowingly violate, nor willingly permit to
be violated, any of the provisions of law applicable to such corpora-
tion, and that he is the owner in good faith, and in his own right of
the par value of stock required by this section, subscribed by him
or standing in his name on the books of the corporation, and that
the same is not hypothecated nor in any way pledged as security for
any loan or debt.

68.

Any bank, savings institution or trust company, heretofore incor-
porated under any general or special law of this State, and any bank,
savings institution or trust company, hereafter created under this
article, may amend its charter, articles of incorporation, or associa-
tion, in manner not inconsistent with the provisions of law, at any
time, and in the case of banking institutions having capital stock
such amendment shall be by a vote of its stockholders, representing
two-thirds of the capital stock, such vote to be taken at a meeting
called for that purpose. Such amendment, certified by the president
and cashier, or treasurer shall be executed, approved, filed and re-
corded as required for articles of incorporation.

Unless the required surplus will permit, no increase of capital shall
be valid until the amount thereof has been subscribed, and actually
paid in the manner required by this subtitle for subscriptions to
original stock. No stock dividend shall be declared by any banking in-
stitution unless the remaining surplus funds of the institution shall