SPIRO T. AGNEW, Governor                        1097

ten per cent (10%) of the unimpaired capital and surplus of the
bank, and the overall investment of the bank in such property leased
to all lessees shall at no time exceed one hundred per cent (100%)
of its unimpaired capital and surplus; and by loaning money on
personal or real security, as provided hereinafter.

Seventh: To deposit securities for the purpose of securing de-
posits of the United States government and its agencies, and the State
of Maryland and its departments and agencies, including the Treas-
urer and Comptroller, and counties, cities, towns and other political
subdivisions of the State of Maryland, or to secure the surety or
sureties on bonds furnished to secure such deposits, and to pledge
securities to secure the money of estates administered under the
bankruptcy laws of the United States.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1967.

Approved April 21, 1967.

CHAPTER 493
(Senate Bill 388)

AN ACT to repeal and re-enact, with amendments, Section 77 of
Article 11 of the Annotated Code of Maryland (1957 Edition and
1966 Supplement), title "Banks and Trust Companies," subtitle
"General Regulations," to include deposits made by the City of
Baltimore as demand deposits against which a reserve must be
maintained; and to eliminate the necessity of maintaining a re-
serve against deposits of public funds which are fully secured by
a pledge of collateral required by law.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 77 of Article 11 of the Annotated Code of Maryland
(1957 Edition and 1966 Supplement), title "Banks and Trust Com-
panies," subtitle "General Regulations," be and it hereby is repealed
and re-enacted, with amendments, to read as follows:

77.

Every bank (other than a savings bank without capital stock)
shall keep on hand at all times a reserve of at least 15 per cent of its
deposits, payable on demand; which reserve may be kept as cash on
hand, or on deposit in such bank or banks, trust company or trust
companies of good standing, as the board of directors or executive
committee by resolution may direct. Every bank shall also keep on
hand at all times a reserve of at least three per cent (3%) of their
time deposits; which reserve may be kept as cash on hand, or on
deposit in such bank or banks, or trust company or trust companies
of good standing, as the board of directors or executive committee by
resolution may direct, or in the form of direct obligations of the
United States government, or the State of Maryland. Every trust
company shall keep on hand at all times a reserve of at least 10 per
cent of its deposits payable on demand [(not including thereunder,
however, any deposits made by the City of Baltimore and secured by
the counter deposits of Baltimore City stock)]; which reserve shall be