1036 LAWS OF MARYLAND. [CH. 491

Chapter 294 of the Acts of 1931, relating to the term of
office and compensation of the Bank Commissioner.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 1 of Article 11 of the Annotated
Code of Maryland (1924 Edition), title "Banks and Trust
Companies, " sub-title "Bank Commissioner, " as said sec-
tion was amended by Chapter 294 of the Acts of 1931, be
and it is hereby repealed and re-enacted, with amendments,
to read as follows:

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 Na-
tional, savings institution or trust company. He shall not
engage in any other business and shall hold office for a term
of f our 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 ex-
pense 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
provided by the Budget Bill and his salary as provided in
this Act shall be paid from the General Treasury of the
State out of the funds realized from the increased exam-
ination and other fees as provided for in Section 16 of
this Article, as amended. He may be removed by the Gov-
ernor for incompetency or misconduct. The Bank Commis-
sioner, under the supervision and directions of the Comp-
troller, shall have and exercise all the rights, powers, duties,
obligations and functions conferred upon him by law.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1935.

Approved April 25, 1935.

CHAPTER 491.

AN ACT to add a new section to Article 11 of the Annotated
Code of Maryland (1924 Edition), title "Banks and Trust
Companies, " sub-title "General Regulations, " said new