716 LAWS OF MARYLAND. [CH. 286

CHAPTER 286

(Senate Bill 443)

AN ACT to repeal and re-enact, with amendments, Section
1 of Article 11 of the Annotated Code of Maryland (1947
Supp. ), title "Banks and Trust Companies", sub-title
"Bank Commissioner", relating to the term of office 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 (1947 Supp. ), title "Banks and Trust Com-
panies", sub-title "Bank Commissioner', be and the same
is hereby repealed and re-enacted, with amendments, to
read as follows:

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, provided, however, that the term of the Bank
Commissioner now in office shall expire on June 1, 1949,
and on said date the Governor shall appoint a Bank Com-
missioner for a term ending on the first Monday of May,
1951, and thereafter appointments shall be for terms of
four years. He shall, before he acts as such and each year
thereafter, give a corporate surety bond in the sum of
$20, 000 or such additional sum as the State Comptroller
may prescribe, with condition that he faithfully perform
his duties and account for all funds received under color
of his office, 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 1938, and thereafter; and,
until such time, the difference between the amount provided
by the Budget Bill and his salary as provided in this sec-
tion 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 in-
competency or misconduct. The Bank Commissioner, under
the supervision and directions of the Comptroller, shall
have and exercise all the rights, powers, duties, obliga-
tions and functions conferred upon him by law.