Senior Stenographers:

Anne C. Gardner Baltimore
Angela M. O'Neill Baltimore
Madeleine R. Duggan Baltimore
Hazel A. FitzGerald Baltimore
Caroline B. Remesch Baltimore

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, find 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 any banking institution (other than a
National Bank) the Bank Commissioner acts as Receiver and liquidates
its assets and winds up its affairs under the jurisdiction of the Court.
The Bank Commissioner may substitute the Deputy Bank Commis-
sioner or a Senior Examiner as Receiver of any such Banking Insti-
tution.

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 each report
received from the institutions under his supervision, and when neces-
sary, 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
is required to make a report to the Governor, covering the operations
of his office.

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

The 1935 Session of the General Assembly (Chapter 489) passed
a law creating the Banking Board, appointed by the Governor, the
members of which are subject to the call of the Bank Commissioner
to confer and consult with him in matters concerning the business of
banking or banking institutions in the State of Maryland.