56                               laws of Maryland                       [Ch. 49

(1964 Supplement), title "Banks and Trust Companies", sub-title
"Trust Companies", be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

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 by-laws. The number of directors necessary to form
a quorum for the transaction of business may be fixed by the or-
ganization certificate or by the by-laws; 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 organization 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 exceed-
ing the limit of thirty, and shall severally continue in their office
until others shall be elected to fill their respective places. Such elec-
tion 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 an-
nual meeting of stockholders is held, the directors elected at such
meeting shall, after due qualification, hold a meeting at which the
officers of the corporation shall be elected and hold their offices for
one year and until their successors shall be 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] devolves on him, diligently and honestly admin-
ister the affairs of the corporation, and will not knowingly violate,
nor willingly permit to be violated, any of the provisions of law ap-
plicable to such corporation, and that he is the owner in good faith,
and in his own right of the par value of stock required by this sec-
tion, 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.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1965.

Approved March 11, 1965.

CHAPTER 49
(Senate Bill 62)

AN ACT to legalize the eleven TWELVE-volume 1965 Cumulative
Pocket Supplement to the Annotated Code of the Public General
Laws of Maryland (1957 Edition), prepared and published by the
Editorial Staff of The Michie Company, Charlottesville, Virginia,
and making it evidence of the law.