Theodore R. McKeldin, Governor                   199

CHAPTER 75

(Senate Bill 58)

AN ACT to repeal and re-enact, with amendments, Section 7 of
Article 11 of the Annotated Code of Maryland (1951 Edition),
title "Banks and Trust Companies", sub-title "Bank Commis-
sioner", relating to examinations made of the banks in this State
by the Federal Reserve Bank of Richmond.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 7 of Article 11 of the Annotated Code of Maryland
(1951 Edition), title "Banks and Trust Companies", sub-title "Bank
Commissioner", be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

7. (a) The Bank Commissioner is authorized to accept in his
discretion in lieu of any examination authorized by the laws of this
State to be conducted by his department of a banking institution the
examination that may have been made of same within a reasonable
period by the Federal Deposit Insurance Corporation, and/or the
Federal Reserve Bank of Richmond, provided a copy of said exami-
nation is furnished to said Bank Commissioner. Said Bank Com-
missioner may, also, in his discretion accept any report relative to
the condition of a banking institution which may have been obtained
by [said Corporation] such Agencies within a reasonable period, in
lieu of a report authorized by the laws of this State to be required
of such institution by his department, provided a copy of such report
is furnished to said Bank Commissioner.

(b)  Said Bank Commissioner may furnish to [said Corporation]
such Agencies, or to any official or examiner thereof, a copy or copies
of any or all examinations made of any such banking institutions
and of any or all reports made by same and shall give to [said
Corporation] such Agencies or any official or examiner thereof access
to any and all information possessed by the office of said Bank Com-
missioner with reference to the conditions or affairs of any such
insured institution.

(c)  Nothing in this section shall be construed to limit the duty of
any banking institution in this State, deposits in which are to any
extent insured under the provisions of Section 8 of the "Banking Act
of 1933" (Section 12B of the Federal Reserve Act, as amended) or
of any amendment of or substitution for the same, to comply with
the provisions of said Act, its amendments or substitutions, or the
requirements of [said Corporation] such Agencies relative to exami-
nations a,nd reports, nor to limit the powers of the Bank Commis-
sioner with reference to examinations and reports under existing
laws.

SEC. 2. And be it further enacted, That this Act shall take effect
June 1, 1956.

Approved March 8, 1956.

Explanation: Italics indicate new matter added to existing law.
[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.