BANKS AND TRUST COMPANIES. 145
Tided, shall be subrogated to all rights against such closed banking institu-
tion of the owners of such deposits in the same manner and to the same
extent as the Corporation is subrogated to the rights of depositors against
a closed national bank under the provisions of Section 12B of the Federal
Reserve Act, as amended, or any amendments to said Section; Provided,
that the rights of depositors and other creditors of such closed institution
shall be determined in accordance with the applicable provisions of the
laws of the State of Maryland.
An. Code, 1924 sec. 67. 1912. sec. 64. 1910, ch. 219, sec. 63 (p. 28). 1933, ch. 575.
1933 (Special Sess. ), ch 112
67. The total liabilities of any person, co-partnership or corporation,
to any bank or trust company for money borrowed shall at no time exceed
10 per cent of the amount of the surplus and paid-in capital of such bank
or trust company; provided, that by a two-thirds vote of the directors
said liabilities may be increased to a total sum not exceeding thirty per
cent. (30%) of said surplus and paid-in capital where the amount of such
loan in excess of ten per cent. (10%) of said surplus and paid-in capital is
secured by interest-bearing obligations of the United States, this State,
any county or municipal corporation of this State, or the bonds of the
Home Owners Loan Corporation, a corporation created under an Act of
the Congress of the United States, approved June 13, 1933. The discount
of bills of exchange drawn in good faith against actual existing values,
of trade acceptances or other commercial paper and business paper actual-
ly owned by the person, co-partnership or corporation negotiating the
same, shall not be considered as money borrowed within the meaning of
this section, but the total of such discounts for any one person, co-partner-
ship or corporation shall at no time exceed twenty-five per cent. (25%)
of said surplus and paid-in capital. Obligations drawn in good faith
against actual existing values and secured by goods or commodities in
process of shipment or in bonded warehouses shall not be considered as
money borrowed within the meaning of this section, but the total of such
obligations for any one person, co-partnership or corporation shall not
exceed twenty-five per cent. (25%) of said surplus and paid-in capital.
No combination of all liabilities of any kind of any single person, co-
partnership or corporation, including all obligations of the classes herein-
before referred to, shall exceed thirty per cent. (30%) of said capital and
surplus.
The total liabilities of any partnership or unincorporated association
shall include all liabilities of its individual members. In computing the
total liabilities of any individual to a bank or trust company, there shall
be included all liabilities of any partnership or unincorporated association
of which he is a member, and any loans made for his benefit or for the
benefit of such partnership or association. In computing the total liabilities
or any partnership or unincorporated association to a bank or trust com-
pany, there shall be included all liabilities of its individual members,
and all loans made for the benefit of such partnership or unincorporated
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