1202                           LAWS OF MARYLAND                     [CH. 495

CHAPTER 495
(House Bill 4)

AN ACT to repeal and re-enact with amendments Section 67 of
Article 11 of the Annotated Code of Maryland (1968 Replacement
Volume), title "Banks and Trust Companies," subtitle "General
Regulations," to provide that state banks may engage in banking
activities permitted under Federal law under certain procedures.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 67 of Article 11 of the Annotated Code of Maryland,
(1968 Replacement Volume), title "Banks and Trust Companies," sub-
title "General Regulations," be and it is hereby repealed and re-
enacted with amendments to read as follows:

67.

Any bank or trust company, heretofore incorporated under any
general or special law of this State, and any bank or trust company
hereafter incorporated under this article, is authorized and em-
powered, notwithstanding the restrictions and limitations imposed
in this article, to consummate, negotiate, transact, [loan] or [make]
engage in any additional banking activity or BANK related service,
[loans] under the same conditions, limitations, restrictions and safe-
guards as are now or shall hereafter be applicable or permitted under
federal law to any national banking association, provided, however,
that this power shall only become available to the State banks and
trust companies of this State [by a special order of the Bank Com-
missioner] with the [advice and counsel] authorization by majority
vote of the Bank Commissioner, the Comptroller of the Treasury

and the three appointed members of the Banking Board and then

only if they deem it is reasonably required to preserve and protect
the welfare of such institutions and the general economy of this
State THREE APPOINTED MEMBERS OF THE BANKING
BOARD, AND THREE PERSONS, NOT EMPLOYED BY ANY
BANKING INSTITUTION, TO BE APPOINTED BY THE GOV-
ERNOR FOR A TWO-YEAR TERM, ONE OF WHOM SHALL BE
AN ECONOMIST, ONE OF WHOM SHALL BE A CERTIFIED
PUBLIC ACCOUNTANT, AND THE THIRD MEMBER SHALL
BE A MEMBER OF THE GENERAL PUBLIC. SUCH AUTHOR-
IZATION SHALL BE GIVEN ONLY IF IT IS DEEMED REA-
SONABLY REQUIRED TO PRESERVE AND PROTECT THE
WELFARE OF SUCH INSTITUTIONS, THE GENERAL ECON-
OMY OF THIS STATE, AND WILL NOT BE DETRIMENTAL
TO THE PUBLIC INTEREST AND THE STABILITY OF THE
INSTITUTIONS.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved May 2, 1969.