740                              LAWS OF MARYLAND                      [CH. 437

a violation of any provision of this article; that he is the owner
in good faith of unencumbered stock in the bank, of the par value
of not less than two hundred and fifty dollars ($250.00) in the case
of banks having a capital stock of not in excess of fifty thousand
dollars ($50,000.00); five hundred dollars ($500.00) in the case of
banks having a capital stock of more than fifty thousand dollars
($50,000.00) standing in his name on the books of the bank. Pro-
vided, however, that in determining the amount of stock which a
director shall own only the par value of the common stock shall be
considered and capital notes and/or debentures sold or issued by any
such banking institution shall not be considered in such calculation.
Any vacancy in the board of directors shall be filled by the board,
and the directors so appointed shall hold office until the next election.
Within fifteen days after the date on which the annual meeting of
the stockholders is held, the directors elected at such meeting shall,
after due qualification, hold a meeting at which the officers of the
bank shall be elected and hold their offices for one year and until
their successors have been elected and qualified, unless sooner re-
moved by the board of directors. The directors of a bank for the
time being shall give three weeks' public notice in at least two daily
newspapers published in the City of Baltimore, if the corporation
be located in the City of Baltimore, or in at least one or more news-
papers published in the county if there be two newspapers pub-
lished in the county where the corporation may be located, if not
located in the said city of the annual meeting of the stockholders.
Nothing contained in this section shall be construed to affect the
eligibility of any director heretofore elected.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1966.

Approved April 29, 1966.

CHAPTER 437
(House Bill 187)

AN ACT to add new Section 161Z(a) (9) to Article 23 of the
Annotated Code of Maryland (1965 Cumulative Supplement), title
"Corporations," subtitle "Building or Homestead Associations,"
authorizing building, savings and loan associations to invest in
additional types of investments as may be approved from time to
time by the Board of Building, Savings and Loan Association
Commissioners, and relating to this authority and the procedure
thereof.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 161Z(a) (9) be and it is hereby added to Article
23 of the Annotated Code of Maryland (1965 Cumulative Supple-
ment), title "Corporations," subtitle "Building or Homestead As-
sociations," to follow immediately after Section 161Z(a) (8) thereof,
and to read as follows: