MARVIN MANDEL, Governor                             1771

NATIONAL OR STATE EXPERIENCE IN BANK MANAGEMENT OR

BANKING REGULATION WHICH MAY INCLUDE SERVICE AS A BANK

DIRECTOR. 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]
INSTITUTIONS and shall hold office at the pleasure of the
Secretary of Licensing and Regulation. THE BANK
COMMISSIONER SHALL DEVOTE FULL TIME TO HIS DUTIES. He
shall, upon entering the duties of his office, be covered
by surety bonds in accord with the provisions of §§ 46
through 50 of Article 78A of the Annotated Code of
Maryland. He shall receive as compensation for his
services [such] AN annual salary [as shall be included in
the budget.] AS SHALL BE INCLUDED IN THE BUDGET. 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
Commissioner 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.] The Bank Commissioner
[may] SHALL, 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. PRIOR TO APPOINTMENT, HE SHALL HAVE AT
LEAST FIVE YEARS NATIONAL OR STATE EXPERIENCE IN BANK

MANAGEMENT OR BANKING REGULATION WHICH MAY INCLUDE

SERVICE AS A BANK DIRECTOR. Whenever it becomes

necessary for the Bank Commissioner to take charge of a
failed banking institution, as receiver, as provided for
in this article, he may appoint such clerks as he may
deem necessary for the purpose 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] [[THE]] The deputy bank

commissioner and the employees of said department will,

upon entering the duties of their office, be covered by
surety bonds in accordance with the provisions of §§ 46
through 50 of Article 78A of the Annotated Code of
Maryland.

[[SECTION 2. AND BE IT FURTHER ENACTED, That
Section 5 of Article 11 - Banks and Trust Companies, of
the Annotated Code of Maryland (1968 Replacement Volume
and 1975 Supplement) be and it is hereby repealed:

Article 11 — Banks and Trust Companies