ALBERT C. RITCHIE, GOVERNOR.                  749

to repeal and re-enact, with amendments, Sections 45 and
50 of said last named Article and sub-title; to repeal and
re-enact, with amendments, Section 54 of said Article, sub-
title "General Regulations'7; to repeal and' re-enact, with
amendments, Section 56 of said Article and sub-title, as said
section was repealed and re-enacted by Chapter 373 of the
Acts of Assembly of 1927; to repeal and re-enact, with
amendments, Sections 59 and 63 of said Article and sub-title,,
and to add three new sections to said Article 11 of the Anno-
tated Code of the Public General Laws of Maryland, Edition
of 1924, entitled "Banks and Trust Companies, " sub-title
"Savings Institutions, " the said three new sections to follow
immediately after Section 40 of said Article, to be known as
Sections 40A, 40B and 40C, regulating the powers, duties
and compensation of the Bank Commissioner, the Deputy
Bank Commissioner, examiners and clerks employed by the
Bank Commissioner; imposing additional requirements upon
banks and trust companies; increasing the minimum capital
stock required in the organization thereof in certain cases;
regulating the election of officers of banks and trust com-
panies; regulating the qualifications of directors of trust
companies, and prescribing conditions under which savings
institutions may liquidate, merge, consolidate or amend their
charters; and prescribing the manner in which banking insti-
tutions may consolidate and the rights and obligations of"
stockholders dissenting to such consolidation.

-xi=

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Sections 1, 2, 9, 11 and 15 of Article 11 of the
Annotated Code of the Public General Laws of Maryland,.
Edition of 1924, entitled "Banks and Trust Companies, " sub-
title "Bank Commissioner, " be, and the same are hereby re-
pealed 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 Con-
trol. 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, except that the Bank
Commissioner first appointed under this Act shall be appointed
on the day the Act takes effect, on which date his term shall