396 ARTICLE 11

annual salary of seven thousand and five hundred dollars ($7,500.00)
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 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. Whenever it becomes necessary for the Bank Commissioner
to take charge of a failed banking institution, as receiver, as provided in
this Article, he may appoint such additional clerks as he may deem neces-
sary for the purpose of such receivership; the salaries of such clerks to
be paid out of the funds of the failed banking institution. The Deputy
Bank Commissioner and the office clerks shall give bond in such sums as
the Governor and the Bank Commissioner may determine for the faith-
ful performance of their respective duties, said bonds to be approved by
the Governor and the cost to be charged as expense of the office.

1939, ch. 741.

3. There shall be an Administrator of Loan Laws who shall be ap-
pointed by the Governor and assigned to the office of the Bank Commis-
sioner. The said Administrator of Loan Laws shall be under the super-
vision and direction of the Bank Commissioner. He shall not be a stock-
holder, officer or director of any corporation, or member of any partner-
ship, engaged in, or be himself engaged in, the making of loans, and he
shall devote his entire time to the duties of his position. He shall occupy
the position to which he shall be appointed for a term of four years from
the first Monday in May succeeding his appointment and until his suc-
cessor is appointed and has qualified, except that the Administrator of
Loan Laws first appointed under this Section shall be appointed on the day
this Section becomes effective, on which day his term shall begin, and
he shall hold office until the first Monday of May, 1943, and until his
successor shall be appointed and shall qualify. He shall give bond in the
sum of twenty thousand dollars ($20,000.00), to be approved by the Gov-
ernor, for the faithful performance of his duties. He shall receive in full
compensation for his services an annual salary of four thousand dollars
($4,000.00), payable in semi-monthly installments. He may be removed
by the Governor for incompetency or misconduct.

The Bank Commissioner shall delegate to the Administrator of Loan
Laws, the administration of loan laws heretofore or hereinafter enacted
the purpose of which, express or implied, is the protection of borrowers
or the punishment of usurious money lenders, as distinguished from laws
enacted for other purposes. In connection with carrying out such duties and
obligations the Administrator of Loan Laws shall be clothed with all the
rights and powers conferred upon the Bank Commissioner in connection
with such laws. It shall be the duty of the Administrator of Loan Laws
to report in detail to the State's Attorney of the County or Baltimore
City, having jurisdiction in the premises, any violations of laws the pur-
pose of which, express or implied, is the protection of borrowers or the
punishment of usurious money lenders.

The Administrator of Loan Laws shall have the power to employ such
investigators and stenographers as provided in the budget and if not so
provided, then as the Board of Public Works may determine, all payable
in semi-monthly installments. Said salaries of employees and any ex-
penses shall be payable out of the receipts which may accrue to the Bank