FISCAL RESEARCH BUREAU

John S. Shriver, Director
Janet L. Hoffman, Administrative Analyst
Leo A. Courtney, Jr., Administrative Analyst

34 Hopkins Place, Baltimore I Telephone: Lexington 9-0366

The Fiscal Research Bureau was established within the Depart-
ment of Legislative Reference by the General Assembly of 1947. The
Bureau acts as a staff agency of the General Assembly in fiscal
matters; it serves the Legislative Council, committees of the Gen-
eral Assembly, and individual legislators on tax and fiscal matters.
The Bureau's general duties include the study of State agencies,
study of State and local taxation, study of State and local financial
affairs and fiscal relationships, collection of data on the revenue
and expenditures of the State's political subdivisions, and compila-
tion and publication of financial data on the subdivisions. Each
county, incorporated city or town, or special taxing district is re-
quired to submit a fiscal report to the Bureau annually (Code 1951,
Art. 41, secs. 122-29; 1957 supp., Art. 19, secs. 35, 40-44).

Appropriations 1957 1958

General Funds . $38,811 $40,483
Staff: 5.

Supervision of Business

BANK COMMISSIONER

William H. Kirkwood, Jr., Bank Commissioner, 1959
John D. Hospelhorn, Deputy Bank Commissioner
H. E. Meeks, Chief Examiner
Frank L. Wilson, Discount Supervisor

307 N. Eutaw Street, Baltimore I Telephone: Lexington 9-4242

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 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 impair-
ment, 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. If a banking institution, excepting a national
bank, fails, the Bank Commissioner acts as receiver, 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 must exhibit in
detail the resources and liabilities of the institution and show its
true condition. These reports are published in the local newspapers.
All mutual savings institutions are required to report their condi-
tion to the Commissioner on June 30 and on December 31 of each
year. The Commissioner's office examines the reports, and when