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 Commis-
sioner is required to make a report to the Governor, concerning 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.

BANKING BOARD
(Chapter 489, Acts of 1935.)

Charles E. Rieman. ............... ..From June 1, 1937, to June 1, 1943
(From Baltimore Clearing House.)

James D. Garrett,

Round Bay..................From June 1, 1935, to June 1, 1939
(From Associated Mutual Savings Banks of Baltimore..)
Fred L. Thomas,

Sandy Spring............From June 1, 1935, to June 1, 1941
(From Maryland State Bankers' Association.)

The Board shall consist of three members to be appointed by the
Governor. One member of said Board shall be a representative of the
Baltimore Clearing House, one a representative of the Associated
Mutual Savings Banks of Baltimore and one a representative of the
Maryland State Bankers' Association. Each of these organizations
shall submit the names of three men qualified for the responsibility
imposed upon them by this Act and the Governor shall select one
name from each of said lists to serve on said Board.

One member of such Board shall be designated by the Governor
to serve until June 1, 1937, one member until June 1, 1939, and one
member until June 1, 1941, and after said several dates each member
appointed shall serve for a term of six years or until his successor
has been appointed and qualified.