Marvin Mandel, Governor                        1461

12.

Notwithstanding any of the provisions of Section 9 and 11 of this
subtitle, any banking institution as determined by a resolution of its
board of directors may elect to remain open for business on any day
of the year except Sundays, New Year's Day, Martin Luther King
Day, Washington's Birthday, Good Friday, the last Monday in May,
commonly called Memorial Day, the fourth day of July, Labor Day,
the second Monday in October, known as Columbus Day, the fourth
Monday in October known as Veteran's VETERANS' Day, Thanks-
giving Day and Christmas. Any day which but for the action of the
board of directors of any bank would be a legal holiday shall not be a
legal holiday for that banking institution. All laws concerning legal
holidays shall apply or not apply to any banking institution acting
under the provisions of this section according to the action of its
board of directors in declaring such day to be or not to be a legal
holiday.

Sec. 2. And be it further enacted, That this Act shall take effect
January 1, 1972.

Approved May 24, 1971.

CHAPTER 682
(House Bill 67)

AN ACT to repeal and re-enact, with amendments, Sections 104 and
108 of Article 21 of the Annotated Code of Maryland (1966 Re-
placement Volume), title "Conveyancing," subtitle "Miscellaneous,"
to provide that leases made for more than fifteen years shall be
redeemable at any time after expiration of three years from the
date of such leases; to provide for the exemption of certain busi-
ness leases exceeding fifteen years from this redemption statute;
and to change the number of Section 108 to Section 104(b) and
clarify the language thereof.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 104 of Article 21 of the Annotated Code of Maryland
(1966 Replacement Volume), title "Conveyancing," subtitle "Mis-
cellaneous," be and it is hereby repealed and re-enacted, with amend-
ments, and that Section 108 of the said article, title "Conveyancing,"
subtitle "Miscellaneous," be and it is hereby repealed and re-enacted,
with amendments, as new Section 104(b), to read as follows:

104.

(a) All rents reserved by leases or subleases of land hereafter
made in this State for a longer period than fifteen years shall be
redeemable at any time after expiration of [five] three years from
date of such leases or subleases, at the option of the tenant, after a
notice of one month to the landlord, for a sum of money equal to the
capitalization of the rent reserved at a rate not exceeding six per
centum.