844                              Laws of Maryland                       Ch. 402

The members of said Banking Board shall take the oath and be
bound by the provisions of Section 22 of this article as to all facts
and information obtained by them in the performance of their of-
ficial duties, or in connection with any confidential reports submitted
to them by the Bank Commissioner.

Sec. 4. And be it further enacted by the General Assembly of
Maryland, That Sections 1, 2, 11, 18, 33, 67, 90, and 219 (b) of
Article 11 of the Annotated Code of Maryland (1957 Edition, 1968
Replacement Volume, 1969 Supplement), title "Banks and Trust
Companies," subtitles "Bank Commissioner," "Banks," "General Reg-
ulations," and "Currency Exchange Law," are hereby repealed and
re-enacted, with amendments, all 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] the De-
partment of Licensing and Regulation. He shall be appointed by the
[Governor, and] Secretary of Licensing and Regulation, with the
approval of the Governor. He 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 relating to banks and
financial institution 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
Commissioner for a term ending on the first Monday of May, 1951,
and thereafter appointments shall be for terms of four years] at
the pleasure of the Secretary of Licensing and Regulation. He shall,
upon entering the duties of his office, be covered by surety bonds
in accord with the provisions of Sections 46 through 50 of Article
78A of the Annotated Code of Maryland. He shall receive [in full]
as compensation for his services [an] such annual salary [of $10,000
payable in monthly installments which] as 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
shall have and exercise all the rights, powers, duties, obligations and
functions conferred upon him by law. The exercise or performance of
all powers, authority, duties and functions vested in the Commis-
sioner by the provisions of this subtitle, shall be subject to the power
and authority of the Secretary of Licensing and Regulation as set
forth in Article 41 of this Code, or elsewhere in the laws of this
State.

2.

The Bank Commissioner may, with the approval of the Secretary
of Licensing and Regulation, appoint and remove a deputy bank
commissioner who shall receive in full compensation for his services
such salary as shall be provided in the State budget. Whenever it
becomes necessary for the Bank Commissioner to take charge of a