34 MARYLAND MANUAL

acts to sponsor before the Legislative Council of Maryland. They
meet with representatives of the other States in the National Con-
ference to draft laws to be submitted for the approval and adoption
of the several States, and to recommend measures for the promotion
of uniform legislation. The Commissioners receive no salary but are
allowed their actual disbursements for expenses (Code 1939, Art.
41, sec. 104, 105, Acts 1949, Ch. 629).

Expenditures, 1949 ...........................................................................$1,252.66

Appropriation, 1950 ........................................................................ 2,000.00

Staff: None.

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BANK COMMISSIONER

J. Millard Tawes, Bank Commissioner, 1951
John D. Hospelhom, Deputy Bank Commissioner
H. E. Meeks, Chief Examiner
Prank L. Wilson, Discount Supervisor
301 Davison Building, Baltimore 1 Telephone: Lexington 4242

The office of the Bank Commissioner was created in 1910. The
Bank Commissioner is appointed by the Governor for a term of
four years. The department has general supervision over all bank-
ing institutions in the State, other than national banks. It must
examine each institution at least twice a year, and at such other
times as the Commissioner may deem expedient and at any time upon
request of the board of directors of the institution. Whenever the
capital stock of an institution is reduced by impairment, and such
impairment is not made good as prescribed by law, or whenever it
is found that an institution is being conducted in an unsafe manner,
the Bank Commissioner may take possession, as provided by law,
and retain possession until it resumes business or is finally liquidated.
In case of a failure of any banking institution, excepting National
Banks, the Bank Commissioner acts as receiver and liquidates its
assets and winds up its affairs under the jurisdiction of the Court.
The Commissioner may delegate this power to the Deputy Commis-
sioner or a Senior Examiner. Every bank and trust company is re-
quired 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 institution, and show its true
condition. These reports are to be published in the local newspapers.
All mutual savings institutions are required to report their condition
to the Commissioner on June 30 and December 31 of each year. It is
the duty of the Commissioner's office to examine each report received
from the institutions under its supervision, and when necessary, to
verify them, and at the same time to correct any irregularities that
may be disclosed or to make any recommendations that may seem
advisable. It is the further responsibility of the department to super-
vise the formation of new banking institutions, to see that all re-
quirements of the law have been complied with, and to issue a certifi-
cate authorizing them to commence business. The Commissioner also
passes upon all amendments to charters, and all consolidations and
voluntary liquidations. On the tenth of February of each year, the
Bank Commissioner is required to make a written report to the Gov-