376                               Laws of Maryland                      [Ch. 120

CHAPTER 120
(House Bill 106)

AN ACT to repeal and re-enact, with amendments, Sections 27 and
33 of Article 11 of the Annotated Code of Maryland (1970 Supple-
ment), title "Banks and Trust Companies," subtitles "Banking
Board" and "Banks," respectively, subheadings "Part of Depart-
ment of Licensing and Regulation; appointment of members; com-
pensation; terms and duties;" and "Examination before business
starts; certificate" respectively, amending the laws of this State
concerning banks and trust companies to correct certain language
and references therein.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 27 and 33 of Article 11 of the Annotated Code of
Maryland (1970 Supplement), title "Banks and Trust Companies,"
subtitle "Banking Board" and "Banks," respectively, subheadings
"Part of Department of Licensing and Regulation; appointment of
members; compensation; terms and duties;" and "Examination be-
fore business starts certificate" respectively, be and it is hereby re-
pealed and re-enacted, with amendments, to read as follows:

27.

There is hereby created and established a Banking Board which
shall be a part of the Department of Licensing and Regulation and
shall consist of three members to be appointed by the Governor, with
the advice of the Secretary of Licensing and Regulation. One member
of said Board shall be a representative of the Baltimore Clearing
House, one a representative of the [Associate] Associated Mutual
Savings Banks of Baltimore and one a representative of the Maryland
State Bankers' Association. Each of these organizations shall submit
the names of three men qualified for the responsibility imposed upon
them by this subtitle and the Governor shall select one name from
each of said lists to serve on said Board.

One member of such board shall be designated by the Governor
to serve until June 1, 1937, one member until June 1, 1939, and one
member until June 1, 1941, and after said several dates each member
appointed shall serve for a term of six years or until his successor
has been appointed and qualified. In case of vacancy in the Board
for any reason, the Governor with the advice of the Secretary of
Licensing and Regulation, shall appoint a member for the remainder
of the unexpired term. The members of the Banking Board shall
receive no salary for their services as such, but their expenses in-
curred in attending meetings shall be paid out of the State treasury
on certificate of the Bank Commissioner and upon warrants of the
Comptroller. The Comptroller shall be a member of said Board ex
officio.

Said Banking Board shall be subject to the call of the Bank Com-
missioner, to confer and consult with the Bank Commissioner in any
matter concerning the business of banking or banking institutions
in the State of Maryland upon which the Bank Commissioner requests
their advice and counsel. The Board's function shall be purely ad-
visory, to assist the Bank Commissioner with sound and impartial
guidance as additional protection in maintaining the business of