BANKS. 7

"Banks and Trust Companies," subtitles "Bank Commis-
sioner," "Banks," "Savings Institutions," "Trust Com-
panies" and "General Regulations," providing for the crea-
tion, regulation and supervision of banks, savings institu-
tions and trust companies.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That all of Article 11, title "Banks," and Sections 318,
319, 320 and 321, subtitle "Savings Institutions," of Article 23,
title "Corporations," and also Sections 94, 95, 96, 97, 100, 101
and 104, subtitle "General Regulations," of said Article 23,
so far as the said last named sections relate to Trust Com-
panies, of the Code of Public General Laws of Maryland of
1904, be and the same are hereby repealed, and a new Article,
to be known as Article 11 of said Code of Public General Laws
of 1904, and entitled "Banks and Trust Companies," subtitles
"Bank Commisioner," "Banks," "Savings Institutions,"
"Trust Companies" and "General Regulations," providing for
the creation, regulation and supervision of banks, savings in-
stitutions and trust companies, be and the same is hereby en-
acted in lieu thereof, to read as follows:

ARTICLE XI.
Banks and Trust Companies, Bank Commissioner.

1. There shall be a Bank Commissioner for the State, ap-
pointed by the Board of Public Works, who shall not be an
officer or director in any bank, State or National, savings in-
stitution or trust company. He shall not engage in any other
business and shall hold office for a term of two years from the
date of his commission and until his successor is appointed
and has qualified. He shall give bond in the sum of twenty
thousand dollars, to be approved by the Governor, for the faith-
ful performance of his duties, the cost of the bond to be
charged as expense of the office. He shall have his office in
the city of Baltimore, the rent whereof shall be paid out of
the receipts of his office. He shall receive in full compensa-
tion for his services an annual salary of twenty-five hundred
dollars, payable in monthly installments. He may be removed
by the Governor for incompetency or misconduct.

2. The Bank Commissioner may, with the approval of the
Governor, appoint, and, with his consent, remove a Deputy
Bank Commissioner, at a salary not exceeding two thousand
dollars per annum, and not more than two clerks at salaries
not exceeding twelve hundred dollars per annum each, as the
public business in his charge may require. Whenever it be-
comes necessary for the Bank Commissioner to take charge
of a failed banking institution as temporary receiver, as pro-
vided in this article, he may appoint such additional clerks as