Savings Bank v. Bank Commissioner

On 30 January 1819, the Maryland Legislature passed “An Act to incorporate the Savings Bank of Baltimore.” 1 The cor porate purpose appears in Section 3 and the grant of powers, in Section 1 of the charter granted by the Legislature. The sole limitation is contained in Section 2:

“And provided also, that said corporation shall not be authorized to make any bills or notes in the nature or description of bank notes, or to loan any part of the funds deposited to any director of said corporation.”

From this beginning there evolved The Savings Bank of Baltimore (the “Bank”), a mutual savings bank…