HARRY HUGHES, Governor

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of this article. The present reference to
"bodies...politic" is deleted as unnecessary.
Present Art. 11, § 41(f)(3), which enables the
savings bank to accept the terms of the
depositors, also is deleted as unnecessary, in
light of the general authority to accept deposits
and the specific statutory limitations on
selection of depositaries. See, e.g.. Art. 95,
§§ 21 and 21A, which enables the State Treasurer,
with approval of the Governor, to make the
selection, but delineates the collateral.

In subsection (b)(1)(iii) and (2) (ii) of this
section, the term "any state", which is defined
in § 1-101 of this article, is substituted far
the references to "{t}he State of Maryland" and
"{a}ny other state".

In subsection (b)(3) and (4) of this section, the
present references to exercise of these powers
"in the discretion of the directors" and "by vote
of its board of directors" are deleted as
unnecessary. In this regard, see § 4-501 of this
title, which is added to specify that the
business and affairs of a savings bank are
managed under the direction of its board of
directors.

In subsection (b) (5) of this section, the term
"safe-deposit boxes" is substituted for the
phrase "safes and like receptacles for the
safekeeping and storage of securities and
valuables". In § 12-601 of this article, the
term "safe—deposit box" is defined for purposes
of the Title 12 provisions, which govern safety
deposit companies. Those provisions would apply
to a savings bank exercising its powers under
subsection (b)(5) of this section. See revisor's
note to § 12-101(c) of this article.

Subsection (b)(8) of this section is new language
added to state affirmatively the power of a
savings bank to carry on "a business of savings
banking". Statement of this power parallels the
similar provision as to the power of a commercial
bank to carry on "banking business" in §
3-206(b)(12) of this article.

The reference in present Art. 11, § 41(a) to

incorporation of the savings bank in this State

is deleted as unnecessary in     light of the

definition of "savings bank" in § 4-101 of this
title, to the same effect.

The provision of present Art. 11, § 41(b) that
enables a savings bank to "construct {and} own"
vaults and safe—deposit boxes is deleted as