J. MILLARD TAWES, Governor                      333

after 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 expense of the office. He shall receive
in full compensation for his services an annual salary of $10,000 pay-
able 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 section 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 24
of this article, as amended. He may be removed by the Governor for
incompetency or misconduct. The Bank Commissioner [, under the
supervision and direction of the Comptroller,] shall have and exer-
cise all the rights, powers, duties, obligations and functions con-
ferred upon him by law.

9.

Whenever the [Bank] Commissioner shall, upon examination have
reason to believe or find that the capital stock of any institution to
which this article is applicable, is reduced by impairment through
losses or otherwise the said [Bank] Commissioner may require such
institution to make good such impairment, [the deficiency within
sixty days after the day of such requisition, and if said institution
shall fail to comply with said request within the time prescribed]
Notice of such impairment shall be served on the Board of Directors,
and if within three months from the receipt of said notice the Direc-
tors shall have failed to make good such impairment in the capital
stock the [Bank] Commissioner may forthwith take possession of
the property, books, records and business of such institution and re-
tain such possession until such time as the institution [shall] may
be reorganized as provided in this article and resume business or its
affairs be placed in receivership for final liquidation [finally liqui-
dated as herein provided].

11.

Whenever, [it shall appear to the Bank] in the opinion of the Com-
missioner, [upon examination, that any banking institution doing
business under this article is conducting its business in an unsafe or
unauthorized manner or in conflict with this article, or if any such
institution shall refuse to submit its books, papers and concerns to
the examination of the Bank Commissioner, or if any such institution
shall neglect or refuse to observe an order of the Bank Commissioner
as specified in Section 9 of this article, the Bank Commissioner may
if he deems it advisable, with the written consent of the Governor
and Attorney General, obtained prior thereto, forthwith take pos-
session of the property and business of such institution and shall
cause a notice to be posted on the front door of the institution as fol-
lows: "This institution is in the hands of the Bank Commissioner."]
any Director or officer of any banking institution doing business
under this article shall have continued to violate any law relating
to such institution or shall have continued unsafe or unsound prac-
tices in conducting the business of such institution, after having been