Appropriations 1963 1964

General Funds $286,433 $288,878
Staff: 38.

BANKING BOARD

Ex officio member: Louis L.Goldstein, Comptroller of the Treasury
Appointed members: James P. Casbarian, Maryland State Bankers'
Association, 1966; John A. Luetkemeyer, Baltimore Clearing
House, 1967; Charles M. Miller, Associated Mutual Savings
Banks of Maryland, 1969.

The Banking Board, established in 1935, is composed of the Comp-
troller of the Treasury, and three members appointed by the Governor
from lists of nominees submitted by (1) the Baltimore Clearing House,
(2) the Associated Mutual Savings Banks of Baltimore, and (3) the
Maryland State Bankers' Association. Members hold office for six
years. The Board meets at the call of the Bank Commissioner to con-
sult with him in matters pertaining to the banking business or bank-
ing institutions in Maryland (Code 1957, Art. II, sec. 27).

DEPARTMENT OF BUILDING, SAVINGS AND
LOAN ASSOCIATIONS

The Department

Harry B. Wolf, Jr., Director, 1967
Vincent C. Mahony, Deputy Director

301 W. Preston Street, Baltimore 1 Telephone: 837-9000

The Department of Building, Savings and Loan Associations was
originally created by Chapter 206, Acts of 1961. Because of the filing
of petitions for a referendum, it was necessary to hold a Special
Session in 1961. Chapter I, Acts of the Special Session of 1961, was
enacted as an emergency law pending the outcome of the referendum.
The operation of the Department at that time was under the Director
of the Department of Assessments and Taxation. At the November
1962 election, the voters approved the enactment of Chapter 205, Acts
of 1961, and, as the result, the Department became an independent
agency.

The Department supervises and regulates the organization and
incorporation of building, savings and loan, or homestead associations
subject to the laws of the State. The Department also examines at
least once every three years the affairs of each association.

The Director of the Department is appointed by the Governor for
a term of six years. The Director, with the approval of the Board of
Building, Savings and Loan Association Commissioners appoints the
Deputy Director, the examiners, and such number of additional em-
ployees as may be provided for in the budget.

Provisions are made in the law with respect to investments, with-
drawal of accounts, taxation, membership, promotional activities,
management and functions of such businesses, including class and
type of securities, and allocation of profits, reserves and dividends.
Provisions are also outlined for the branching, consolidation, merger,
dissolution and revival of such businesses. In addition, provisions are
made for conservators and receivers for such businesses; exempting
accounts of such businesses from "Blue Sky Law", creating a Board
of Building, Savings and Loan Association Commissioners; and pro-
viding penalties for failure or refusal to comply with certain provi-
sions of the Act (Code 1957, 1963 Supp., Art. 23, secs. 161A-161KK).