1788

LAWS OF MARYLAND

[Ch. 311

acceptance of drafts are retained in Art. 11,
§57 for eventual allocation to the Business
Regulation Article.

In item (14) of this section, the word "unit"
is substituted for "departments and agencies."
Those terms are avoided due to their
substantive meaning. The word "unit" is used
as general nomenclature with a broad and
nondescript connotation which is intended.

For additional provisions which relate to the
powers of a trust company, see §6—157 of this
subtitle.

6-138. MINIMUM CAPITAL REQUIREMENTS.

(A)       GENERAL RULE.

(1)        A TRUST COMPANY SHALL HAVE A MINIMUM

CAPITAL STOCK OF:

(1)       $100,000, IF THE TRUST COMPANY IS LOCATED
IN A MUNICIPAL AREA WITH NOT MORE THAN 25,000
INHABITANTS;

(II)            $150,000, IF THE TRUST COMPANY IS
LOCATED IN A MUNICIPAL AREA WITH MORE THAN 25,000 AND NOT
MORE THAN 100,000 INHABITANTS;

(III)         $200,000, IF THE TRUST COMPANY IS
LOCATED IN A MUNICIPAL AREA WITH MORE THAN 100,000 AND
NOT MORE THAN 250,000 INHABITANTS; AND

(IV)         $750,000, IF THE TRUST COMPANY IS
LOCATED IN A MUNICIPAL AREA WITH MORE THAN 250,000
INHABITANTS.

(2)       A TRUST COMPANY ALSO SHALL HAVE A SURPLUS
IN AN AMOUNT EQUAL TO 20 PERCENT OF ITS CAPITAL STOCK.

(B)       BRANCHES.

THE PROVISIONS OF SUBSECTION (A) OF THIS SECTION DO
NOT APPLY TO A TRUST COMPANY NOW ENGAGED IN BUSINESS
UNLESS, AFTER JUNE 1, 1920:

(1)   THE TRUST COMPANY ESTABLISHES A BRANCH
INSIDE THE MUNICIPAL AREA OF ITS MAIN OFFICE, IN WHICH
CASE FOR EACH BRANCH THE TRUST COMPANY SHALL HAVE THE
CAPITAL AND SURPLUS REQUIRED BY SUBSECTION (A) OF THIS
SECTION; OR

(2)   THE TRUST COMPANY ESTABLISHES A BRANCH