ALBERT C. RITCHIE, GOVERNOR. 305

CHAPTER 112.

AN ACT to repeal and re-enact, with amendments, Section
67 of Article 11 of the Code of Public General Laws of
Maryland, Edition of 1924, entitled "Banks and Trust
Companies, " sub-title "General Regulations", as the said
section was repealed and re-enacted by Chapter 575 of
the Acts of the General Assembly of Maryland of 1933,
(Regular Session) authorizing the pledging of bonds of
the Home Owners Loan Corporation as security for
money borrowed as therein provided.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 67 of Article 11 of the Code of
Public General Laws of Maryland, Edition of 1924, entitled
"Banks and Trust Companies", sub-title "General Regula-
tions", as the said section was repealed and re-enacted by
Chapter 575 of the Acts of the General Assembly of Mary-
land of 1933, (Regular Session), be, and the same is hereby
repealed and re-enacted, with amendments, so as to read
as follows:

67. The total liabilities of any person, co-partnership or
corporation, to any bank or trust company for money bor-
rowed 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 direc-
tors 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 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 dis-
counts for any one person, co-partnership 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 ware-
houses shall not be considered as money borrowed within
the meaning of this section, but the total of such obliga-