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The Annotated Code of the Public General Laws of Maryland, 1939
Volume 379, Page 434   View pdf image (33K)
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434 ARTICLE 11

officer or the owner of a majority, interest, and no partnership of which
such an officer or employee is a member, shall borrow any of the funds
of such bank or trust company, directly or indirectly, without the ap-
proval of the Board of Directors by resolution adopted at a meeting
thereof, and recorded in the minutes before making such loan. Loans made
to directors of any bank or trust company for their personal account
shall be subject to the aforegoing restrictions; but where any director is
actually engaged in business, loans may. be made to him or to any partner-
ship of which he is a member or corporation in which he is an officer or
the owner of a majority or less than a majority interest,, f or use in such
business ;without complying with the foregoing provisions. Loans to of-
ficers, directors or employees made under the provisions of this section
shall be reviewed. every six months for further action by the Board of
Directors, and if it shall be determined to renew or extend any such loan,
such action shall be recorded in the minutes before making such renewal
or extension. In case any bank or trust company maintains a branch it
shall be a sufficient compliance with the provisions of this section requir-
ing approval of the Board of Directors if the advisory board of said
branch approves of any loan to officers, directors or employees by resolu-
tion, adopted at a meeting of such advisory board, and recorded in the
minutes before making such loan and it shall likewise be a sufficient com-
pliance with said provisions of this section in case the executive committee
of any bank or trust company is authorized to make loans, for the said
loan to be approved by a resolution adopted at a meeting of said executive
committee and recorded in its minutes before making such loan, provided,
however, that in case of loans made under the authority of said advisory
boards and executive committees the same shall be reported to the Board
of Directors at its next meeting. All loans to officers,. directors or em-
ployees of any bank or trust company shall be subject to the limitations
imposed by Section 91 of this Article. For the purposes of this section,
the term "bank" shall include savings institutions having a capital stock.

An. Code, 1924, sec. 69. 1912, sec. 66. 1910, ch. 219, sec. 65 (p. 28).

93. It shall be unlawful for any officer, clerk or agent of any bank or
trust company doing business under this article to certify any check, draft
or order drawn upon the bank or trust company unless the person, firm or
corporation drawing such check, draft or order has on deposit at the time
an amount of money equal to the amount specified in such check, draft or
order. Any check, draft or order so certified by the duly authorized officer
shall be a good and valid obligation against such bank or trust company.

See art. 13, sec. 203, et seq.

An. Code, 1924, sec. 69A. 1931, ch, 152.

94. Nothing in any law of this State shall in any manner whatsoever
affect the validity of, or render void or voidable, the payment, certification
or acceptance of a check or other negotiable instrument or any other
transaction by a bank or trust company in this State, because done or
performed on any Saturday between twelve o'clock noon and midnight,
provided that such action be during the customary business hours of said
bank and that said bank is actually open'for business and provided such
payment, certification, acceptance, or other transaction would be valid
if done or performed before .twelve o'clock noon on such Saturday; pro-
vided further, that nothing herein shall be .construed to compel any bank


 

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The Annotated Code of the Public General Laws of Maryland, 1939
Volume 379, Page 434   View pdf image (33K)
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