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Session Laws, 1933 (Special Session)
Volume 578, Page 306   View pdf image (33K)
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306 LAWS OF MARYLAND. [CH. 112

tions 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 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 mem-
bers. 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 ben-
efit 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 company,
there shall be included all liabilities of its individual mem-
bers, and all loans made for the benefit of such partnership
or unincorporated association 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 a corporation or co-partnership
to the extent that the proceeds of such loan are trans-
ferred 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 trust company as an invest-
ment; 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.
Provided, 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
the effective date of this Act. For the purposes of this sec-
tion the term "Bank" shall include savings institutions
having a capital stock.

SEC. 2. And be it further enacted, That this Act is
hereby declared to be an emergency law necessary for the
immediate preservation of the public health and safety,
and being passed upon a yea and nay vote supported by
three-fifths of all the members elected to each of the two
Houses of the General Assembly, the same shall take effect
from the date of its passage.

Approved December 15, 1933.

 

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Session Laws, 1933 (Special Session)
Volume 578, Page 306   View pdf image (33K)
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