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 each report
received from the institutions under his supervision, and when necessary,
to verify them, at the same time to correct any irregularities 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
la 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, 1933, the Bank Com-
missioner made 362 examinations, of which 161 were made outside of
the parent institutions. The department also examined during the year,
the small loan licensed credit unions required by law.

Maryland met the unusual conditions resulting from the banking
crisis by the passage of Chapter 46 of the Acts of 1933, known as the
Emergency Banking Law, under which the Bank Commissioner was
given the custody, control and management of all State banking insti-
tutions and credit unions accepting deposits. In pursuance of this Act,
the Commissioner at once assumed control over all such institutions,
and thereafter surrendered control over those institutions which were
found, upon investigation, to be able to reopen upon a 100% basis, and
to resume business in the usual course. As to those institutions remain-
ing under his control, he was given the power to operate the same
through agents upon a restricted basis, so as to prevent any unjust or
inequitable discrimination in the withdrawal of deposits or the payment
of other claims.

The Bank Commissioner was also empowered to appoint, as his
agents, such of the officers, directors and other employees of the insti-
tution, and at such compensation, as he might deem proper, or in his
discretion, to appoint a Conservator, to take charge of the business of
any such institution at any time during the period of custody, all for
the purpose of reducing expenses and conducting the affairs of the in-
stitution with the greatest possible advantage to the depositors. The
power of the Commissioner, with the approval of the Governor and the
Attorney General, to take over any such institution as its receiver, for
final liquidation, was reserved.

Under other legislation enacted at the 1933 Session of the Legis-
lature, the powers of banks and trust companies to make loans were
further restricted, and under these statutes no loan may now be made
to an officer or employee without the prior approval of the Board of
Directors by resolution duly adopted and recorded in the minutes. No
person, co-partnership or corporation may become indebted to such an
institution in an amount in excess of 10% of the capital and surplus,