158                                        LAWS OF MARYLAND                                  Ch. 96

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is hereby
declared to be an emergency measure and necessary for the immediate preservation
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 April 26, 1973.

CHAPTER 97
(Senate Bill 655)

AN ACT to repeal and re-enact, with amendments, Section 78 of Article 11 of the
Annotated Code of Maryland (1968 Replacement Volume), title "Banks and
Trust Companies," subtitle "General Regulations," to permit the Bank
Commissioner to adjust reserve requirements to correspond to federal reserve
system requirements.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 78 of Article 11 of the Annotated Code of Maryland
(1968 Replacement Volume), title "Banks and Trust Companies," subtitle
"General Regulations," be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

78.

Whenever the Bank Commissioner, after consultation with the Banking Board,
shall determine that the maintenance of sound banking practices or the prevention
of injurious credit expansion or contraction make such action advisable, he may by
regulation change the requirements as to reserves to be maintained against demand
deposits or time deposits or both, by banks or trust companies or both; provided
that no required reserve shall be in an amount less than the percentage specified in
§ 77 of this article nor more than twice such percentage; land provided further,
that in no event shall any such required reserve be increased to an amount in
excess of the corresponding reserve requirements applicable to a federal reserve
system member bank in the same locality.] EXCEPT THAT ANY REQUIRED
RESERVE MAY BE INCREASED OR DECREASED TO AN AMOUNT
EQUAL TO THE CORRESPONDING RESERVE REQUIREMENTS
APPLICABLE TO A FEDERAL RESERVE SYSTEM MEMBER BANK [[IN
THE SAME LOCALITY]].

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved April 26, 1973.