BANKS AND TRUST COMPANIES 395

	110. Item on same bank. 111. Legal effect of indorsements. 112. Duty and responsibility of bank col- lecting agents. 113. Rules of ordinary care in forwarding and presentment. 114. Items received through mail. 115. Items lost in transit. 116. Medium of payment. 117. Medium of remittance. 118. Election to treat as dishonored items presented by mail. 119. Notice of dishonor of items presented by mail. 120. Insolvency and preferences. 121. Act not retroactive. 122. Cases not provided for in act. 123. Uniformity of interpretation. 124. Name of act. Credit Unions. 125. Certificate of organization. 126. By-laws; meeting; directors. 127. Amendments to by-laws; use of term "credit union".	128. May receive and loan money. 129. Savings and deposits; loans. 130. Membership. . . 131. Supervision by bank commissioner; examinations; reports. 132. Rates for examination. 133. Fiscal year; meetings. 134. Election of directors; committees. 135. Officers; duty of directors. 136. Credit committee; loans. 137. Supervisory committee; audit. 138. Capital; shares; fees. 139. Minors. 140. Failure to meet payments. 141. Surplus funds. 142. Loans to members. 143. Interest. 144. Disposition of fees; reserve fund. 145. Dividend. 146. Expulsion of members. 147. Dissolution of corporation. 148. Change in place of business. 149. Taxation. 150. Secs. 63 to 103 not applicable.

Bank Commissioner.

An. Code, 1924, sec. 1. 1912, sec. 1. 1910, ch. 219, sec. 1 (p. 7). 1914, ch. 805, sec. 1.
1922, ch. 29, sec. 1 (p. 50). 1931, ch. 294, sec. 1. 1935, ch. 490.

1. There shall be a Bank Commissioner for the State who shall be
assigned to the Division of Financial Review and Control. He shall be
appointed by the Governor, and shall not be an officer or director in any
bank, State or National, savings institution or trust company. He shall
not engage in any other business and shall hold office for a term of four
years from the first Monday of May succeeding his appointment, and
until his successor is appointed and has qualified. He shall give bond
in the sum of $20,000, to be approved by the Governor, for the faithful
performance of his duties, the cost of the bond to be charged as an expense
of the office. He shall receive in full compensation for his services an
annual salary of $10,000 payable in monthly installments which shall be
included in the Budget Bill beginning for the fiscal year of 1938, and
thereafter; and, until such time, the difference between the amount pro-
vided by the Budget Bill and his salary as provided in this Section shall be
paid from the General Treasury of the State out of the funds realized
from the increased examination and other fees as provided for in Section
25 of this Article, as amended. He may be removed by the Governor for
incompetency or misconduct. The Bank Commissioner, under the super-
vision and directions of the Comptroller, shall have and exercise all the
rights, powers, duties, obligations and functions conferred upon him by law.

An. Code, 1924, sec. 2. 1912, sec. 2. 1910, ch. 219, sec. 2 (p. 7). 1914, ch. 805, sec. 2.
1918, ch. 33, sec. 2. 1920, ch. 268, sec. 2. 1931, ch. 294, sec. 2. 1935, ch. 499.

2. The Bank Commissioner may, appoint and remove a Deputy Bank
Commissioner who shall receive in full compensation for his services an

As to deposits in name of fiduciary and in name of principal and in fiduciary's
personal account, see art. 37A, sec. 7, et seq.