BANKS AND TRUST COMPANIES 433

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 dis-
count of bills of exchange drawn in good faith against actual existing
values, of trade acceptances or other commercial paper and business paper
actually 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 which are secured at the time of acceptance by warehouse
receipts conveying or securing title to such goods or commodities 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 corpora-
tion 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
hereinbefore 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
of 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 asso-
ciation or any member thereof. In computing the total liabilities of any
corporation to a bank or trust company there shall be included all loans
made for the benefit of the corporation. A loan shall be deemed to be made
for the benefit of the corporation or co-partnership to the extent that the
proceeds of such loan are transferred to the corporation, co-partnership or
association. In reckoning the liability of any borrower hereunder there
shall not be included its readily marketable bonds or like obligations held
by a bank or a trust company as an investment; nor shall said thirty per
cent. (30%) limit apply to any loan made to the State of Maryland or to
any county or municipality thereof maturing in less than one year. Pro-
vided, however, that the limitations provided by this section shall not
apply to any loan which does not exceed the sum of Thirty-five Hundred
Dollars ($3,500.00), unless such loan exceeds 20% of the surplus and
paid in capital; and provided further that the limitations of this section
shall not apply to any liabilities lawfully incurred prior to June 1, 1937.
For the purposes of this section the term "Bank" shall include savings
institutions having a capital stock.

An. Code, 1924, sec. 68. 1912, sec. 65. 1910, ch. 219, sec. 64 (p. 28). 1912, ch. 194, sec 64

1933, ch. 348.

92. No officer or employee of any bank or trust company, other than
a director, and no corporation in which such officer or employee is an