Marvin Mandel, Governor                         845

failed banking institution, as receiver, as provided for in this article,
he may appoint such clerks as he may deem necessary for the pur-
pose of such receivership, the salaries of such clerks to be paid
out of the funds of the failed banking institution. The deputy bank
commissioner and the employees of said department will, upon enter-
ing the duties of their office, be covered by surety bonds in accordance
with the provisions of Sections 46 through 50 of Article 78A of the
Annotated Code of Maryland.

11.

Whenever, in the opinion of the 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 practices in conducting
the business of such institution, after having been duly warned by
the Commissioner to discontinue such violations of law, or such
unsafe or unsound practices, the Commissioner by and with the ad-
vice and counsel of the Banking Board may certify the facts to the
[Governor] Secretary of Licensing and Regulation and the Attorney
General. A certified copy of such facts shall be sent to each director
of the institution affected, by registered mail. If after granting to
the accused director or officer an opportunity to be heard the Com-
missioner finds that the violations continue, the Commissioner, in
his discretion, may by his order duly approved by the Secretary of
Licensing and Regulation [the Attorney General] remove such di-
rector or officer from office. A copy of such order snail be served not
only upon such director or officer but also upon the institution of
which he is an officer or director or both.

18.

If in the judgment of the Commissioner any banking institution
operating under the provisions of this article or any other law,
and/or any of its directors, officers, trustees, managers, agents,
clerks or employees, has violated any of the provisions of this article
or any other law pertaining to such an institution, he shall forthwith
report such violation to the [Governor of the State] Secretary of
Licensing and Regulation, who shall [direct] request that the At-
torney General [to] institute a proper proceeding for the prosecu-
tion of such violation.

Such violation shall be a misdemeanor and if the accused shall be
found guilty he shall be fined not more than three thousand dollars
($3,000.00) or be imprisoned for not more than five (5) years or
both.

33.

Whenever articles of incorporation are filed with the Bank Com-
missioner, as herein provided, and the bank transmitting the same
notifies the Bank Commissioner that its necessary or required capital
has been duly paid in, in money, as hereinbefore in this subtitle
directed, and that such bank has complied with all the provisions
of this article required, before the bank shall be authorized to com-
mence business the Bank Commissioner shall examine into the
condition of such bank, ascertain whether or not all of the capital
stock provided for in Section 28 of this article shall have been paid