The Bank Commissioner under the law has general supervision over
all banking institutions in the State (other than National Banks). He
is required to visit and examine, either in person or by deputy, each
institution at least twice a year, and at such other times as he may
deem expedient; and at any time upon the request of the directors of
the institution. Whenever the capital stock of an institution is re-
duced by impairment, and such impairment is not made good as pre-
scribed by the law, or whenever it is found that an institution is being
conducted in an unsafe manner, the Bank Commissioner may take pos-
session, as provided by law, and retain possession until it resumes
business or is finally liquidated.

In case of the failure of such an institution the Bank Commissioner
acts as receiver, and liquidates its assets and winds up its affairs under
the jurisdiction of the Court.

Every bank and trust company is required to submit to the Bank
Commissioner, under oath at least three reports in each calendar year;
such reports to exhibit in detail the resources and liabilities of the in-
stitution, and show its true condition. These reports are to be pub-
lished in the local newspapers. All mutual savings institutions are re-
quired to report their condition to the Bank Commissioner on June
30th and December 31st of each year.

It is the duty of the Bank Commissioner to examine and audit each
report received from the institutions under his supervision, and when
necessary, to verify them, at the same time to correct any irregulari-
ties that may be disclosed or make any recommendations that may
seem advisable.

It is part of the duty of the Bank Commissioner to supervise the
formation of new banking institutions; to see that all requirements of
the law have been complied with, and to issue his certificate authoriz-
ing them to commence business.

It is the further duty of the Bank Commissioner to pass upon all
amendments to charters, and all consolidations and voluntary liquida-
tions. On the tenth of February in each year the Bank Commissioner
is required to make a report to the Governor, covering the operations
of his office.

The 1918 session of the General Assembly passed what is known as
the Uniform Small Loan Law. This provides that all persons, co-
partnerships or corporations engaged in the business of making loans
in the amount of $300 or less and who charge a greater rate of interest
than six per cent., shall obtain a license from the Bank Commissioner.
This act further provides for the regulation and supervision of such
concerns by the Bank Commissioner.

The 1929 session of the General Assembly passed what is known as
the Credit Union Law. This law provides that any seven or more per-
sons, residents of this State, may apply to the Bank Commissioner for
permission to organize a Credit Union.

During the fiscal year ending February 1st, 1929, the Bank Com-
missioner made four hundred and eighty-two examinations, of which
one hundred and sixteen were made outside of the parent institutions,
in addition to the supervision of the small loan companies.

STATE INSURANCE DEPARTMENT
INSURANCE COMMISSIONER,
Office, Lexington Building, Baltimore.

(Term Expires April, 1931.)

Name. Postoffice.
Commissioner:
Harrison Rider . ... ... .. Towson