764                              Laws of Maryland                      [Ch. 231

the Commissioner. Provision shall be made in the by-laws of the
association for annual meetings for the purpose of electing directors
and members, and the transaction of other business. Every director
shall take and subscribe an oath that he will diligently and honestly
perform the duties of such office, and will not knowingly violate or
permit a violation of any provision of this article.

54.

The articles of incorporation shall be executed in triplicate by
the persons joining therein, before any officer authorized to take
acknowledgments, and then filed with the Commissioner for examina-
tion. The Commissioner shall thereupon ascertain from the best
sources of information at his command, and by such investigation
as he may deem necessary, whether the said articles are framed in
accordance with existing laws, whether the character, responsibility
and general fitness of the person or persons, named in such certifi-
cate, are such as to command confidence and warrant belief that the
business of the proposed corporation will be honestly and efficiently
conducted in accordance with the intent and purpose of this article,
and whether the public convenience and advantage will be promoted
by allowing such proposed corporation to engage or continue in
business. After the Commissioner shall have satisfied himself by
such investigation whether it is expedient and desirable to permit
such proposed corporation to engage or continue in business, he
shall have power to require such changes in said certificate as he
may deem necessary. He shall within six (6) months after the date
of the filing of such certificate for examination, endorse upon each
of the triplicates thereof, over his official signature, the word
"approved" or the word "refused" with the date of such endorse-
ment. In case of refusal he shall return one of the triplicates so
endorsed to the proposed incorporators. In case of approval, the
triplicates shall be returned to the proposed incorporators. One copy
shall then be filed for record in the office of the clerk of the circuit
court in the county in which the trust company is to be located, or
in the office of the clerk of the Superior Court of Baltimore City,
when to be located in said city, and one copy shall be filed with the
Commissioner, who shall issue his certificate therefor, and one copy
shall be filed with the State Tax Commission. The corporation so
formed shall have no legal existence until all the copies of the articles
of incorporation have been filed for record as herein directed. The
fee for filing such articles of incorporation with the Commissioner
shall be {[twenty dollars ($20.00)] five hundred dollars ($500.00),
and for filing amendments to the articles of incorporation, [ten
dollars ($10.00)] twenty dollars ($20.00) and new branch applica-
tions fifty dollars ($50.00), all such fees to be collected by the Com-
missioner.

Sec. 2. And be it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate preser-
vation of the public health and safety and having been passed by a
yea and nay vote supported by three-fifths of all the members elected
to each of the two Houses of the General Assembly, the same shall
take effect from the date of its passage.

Approved May 5, 1972.