except that by a two thirds vote of the directors such indebtedness may
he increased to a total sum not in excess of 30% of the capital and
surplus where the amount in excess of 10% of the capital and surplus
is secured by interest bearing obligations of the United States, the
State of Maryland, or of any county or municipal corporation of the
State Other legislation enacted at the 1933 session prohibits any
banking institution from making loans on the security of the shares of
its own capital stock, and requires the Bank Commissioner in his
capacity as receiver for any banking institution to obtain collateral, in
the form of bonds of the United States, the State of Maryland, or any
county or municipality thereof, for the full amount of any deposits
made by him as such receiver.

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

(Term Expires April, 1935.)

Name. Postoffice
Commissioner:
William C. Walsh . . .... . .... Baltimore

Deputy Commissioner:
Hazelton A. Joyce, Jr. ...... Baltimore

Examiner:
John P. Albert - - - Baltimore

Actuary.
Arthur M. Siegk ... - Baltimore

Auditor

Denton S. Lowe ....... .......... .McDaniel
Chief Clerk.
John H. Coppage -. .. . ............ Relay

Clerks-

Alan P. Hayman . . Baltimore
Edward A. Perkins . ... . . ... - - Centreville
Millard C. Stocksdale Baltimore
Wm. L. Colleran .... ... -.. Baltimore
Miss Mollie Edna Bald - . Baltimore

Stenographers:

Miss Ruth Sulivane ... -..... .... Cambridge
Miss Mary Toner . - . . Baltimore

Adjuster:
J. Frank Kenny ........ ..... . Texas

The duties placed upon the Commissioner in the enforcement of the
Insurance laws are very numerous and important, comprising the col-
lection of large sums of money, principally from taxes on premiums
and license fees, examination of the financial affairs of all companies
organized under the laws of this State, as well as all other companies
doing business in the State that the Commissioner thinks proper to
examine, and supervision of the entire business of insurance within
statutory limitations. He is charged with the duty of seeing that all
laws of this State relating to insurance or insurance companies are
faithfully executed. For that purpose he is authorized to maintain
office and to employ such assistants as may be necessary, including a
Deputy Insurance Commissioner, an Actuary, an Examiner, an Auditor,
and in addition to these such clerical assistance as he may deem neces-
sary for the proper and efficient discharge of the duties of his Depart-
ment within an appropriation as provided in the budget.