348                               LAWS OF MARYLAND                        [CH. 126

or elsewhere, of good standing, as the board of directors or executive
committee by resolution may direct, or in the form of direct obliga-
tions of the United States government, or the State of Maryland.
Cash items shall not be considered as a part of the reserve herein
required to be kept by either banks or trust companies, but cash
actually on hand held by a trust company shall be considered as a part
of the reserve herein first required to be kept by such trust company.
Notwithstanding anything in this article contained, any banking in-

stitution which is a member of the federal reserve system, shall not

be required to keep any reserve or reserves as required herein other

than those required and prescribed for such banking institutions

which are members of the said federal reserve system.

84.

Every banking institution, as denned in Section 63 of this article,
heretofore or hereafter organized under the laws of this State, is
specially granted the power and authority, if the action is approved
by a vote of a majority of its board of directors, to become a member
of the [temporary federal deposit insurance fund and/or to become a
member of the] Federal Deposit Insurance Corporation, and [/or to
make all required payments into said insurance fund and/or] to pay
to such Corporation any proper assessment made by it upon its mem-
bers or insured banks [from time to time], and [from time to time]
to subscribe and pay for stock of the federal reserve bank, and to
comply with the provisions which may be applicable to such banking
institutions contained in the "Banking Act of 1933" (Section 12B
of the Federal Reserve Act) [passed by the Congress of the United
States and approved June 16th, 1933, and any amendment or amend-
ments thereto,] as amended, [and] And every such banking institu-
tion is likewise authorized and permitted if such action is approved
by a vote of a majority of its board of directors, to withdraw from
[the temporary federal deposit insurance fund and/or] the Federal
Deposit Insurance Corporation [and/or to] and terminate its status
as an insured bank and/or to withdraw from the federal reserve sys-
tem, and to sell and dispose of any stock that it may own in any federal
reserve bank and in said Federal Deposit Insurance Corporation in
accordance with the provisions of said "Banking Act of 1933" (Sec-
tion 12B of the Federal Reserve Act), as amended, [or any amend-
ment or amendments thereto], [and] And generally, every such
banking institution is authorized and empowered to from time to
time accept the benefits conferred by said "Banking Act of 1933"
(Section 12B of the Federal Reserve Act) as amended, [or any
amendment or amendments thereto,] and to perform the correspond-
ing obligations imposed by said act, as amended, [or any amendment
or amendments thereto,] which are applicable to such banking insti-
tution, and from time to time to do, or cause to be done, any and all
acts, and to execute, acknowledge and deliver, or cause to be executed,
acknowledged and delivered, any and all instruments in writing neces-
sary or proper for such banking institution to obtain the benefits,
exercise the privileges, and to subject itself to the obligations of said
"Banking Act of 1933" [(Section 12B of the Federal Reserve Act) or
any amendment or amendments thereto], as amended, including the
admission or withdrawal from time to time, of such banking institu-
tion as a member [of the temporary federal deposit insurance fund
and/or as a member and] or stockholder of the Federal Deposit In-
surance Corporation or as an insured bank, and/or as a member of