tour 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 in eighteen months, 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-
ernor concerning the operations of his office (Code 1951, 1955 supp.,
Art. II, secs. 1-26, 28-117).

The General Assembly of 1929 passed what is known as the "Credit
Union Law", which 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 Act further provides that all Credit
Unions which are approved and chartered shall be subject to the
supervision of the Bank Commissioner (Code 1961, Art. II, secs.
135-162).

The department also has jurisdiction over industrial finance loan
companies under the provisions of the "Industrial Finance Law"
passed in 1946. The Act generally provides that no person or cor-
poration may charge interest or other charges in the aggregate above
that permitted by law, on loans of fifteen hundred dollars or less, if
this person or corporation is not a licensee under the terms of the
law. All companies and individuals transacting business under the
terms of this statute must secure a license from the Bank Commis-
sioner. At least once in every eighteen months, the department is re-
quired to make an examination of each licensee; it is further required
that each licensee shall submit to the Commissioner an annual report
setting forth such relevant information regarding the business and
its operations, as the Commissioner may reasonably require. The Bank
Commissioner has the power to revoke or suspend licenses for infrac-
tions of the law. The Commissioner has the power to exempt certain
companies from the terms of the Act. Automatically exempted from
the Industrial Finance Act are those companies and individuals who
are doing business under the terms of the "Small Loan Law", which