860                                   LAWS OF MARYLAND                          [CH. 506

224.

(u) Violating any provision of the Code of Ethics theretofore
adopted by the Commission.

227 A.

(a)  In any case in which a licensee hereunder is entrusted with,
or receives and accepts, or otherwise holds, deposit monies or other
trust monies, of whatever kind or nature, or instruments represent-
ing the same, such monies or instruments, in the absence of proper
written instructions to the contrary, shall be expeditiously deposited
in a bank account maintained by the broker as a separate account
for funds belonging to others, and said funds shall be retained in
such account until the transaction involved is consummated or ter-
minated, or until proper written instructions have been received by
the broker directing the withdrawal and other disposition of such
funds, at which time all such funds shall be promptly and, fully ac-
counted for by the broker. In no event shall any licensee hereunder
commingle any such funds with his own or use any such funds for
any purpose other than the purpose for which such funds were en-
trusted to him.

(b)  Failure of any licensee to abide by the requirements of this
section shall, in addition to any other penalties provided by law, be
sufficient cause for the suspension or revocation of his license, in the
discretion of the Commission.

229 A.

The Commission shall, on or before June 1, 1967, formulate and
adopt a Code of Ethics which shall be regarded as the standard of
conduct required by the Commission of all persons licensed under
the provisions of this subtitle. Such Code of Ethics shall be designed
to protect the interests of the public, and, before adopting such Code
of Ethics, the Commission shall announce and hold one or more
public hearings on the subject, and shall take into consideration and
account the Code of Ethics of the National Association of Real
Estate Boards. Such Code of Ethics, after adoption by the Com-
mission, may be amended by the Commission from time to time, in
its discretion.

Sec. 2. And be it further enacted, That Sections 213, 214, 216
and 226 (a) of said Article 56 of the Code, be and they are hereby re-
pealed and re-enacted, with amendments, to read as follows:

213.

(a) The Real Estate Commission of Maryland is created. [It has]
The Commission shall consist of seven members, [one of whom and
the chairman of the Commission shall be the chief of the License
Bureau of the State of Maryland and] five of whom [are] shall be
residents respectively of (1) one of the nine counties (Cecil, Kent,
Queen Anne's, Caroline, Talbot, Dorchester, Wicomico, Worcester,
Somerset) of the Eastern Shore; (2) one of the four counties (Har-
ford, Baltimore, Carroll, Howard) of Central Maryland; (3) Balti-
more City; (4) one of the five counties (Anne Arundel, Prince
George's, Calvert, Charles, St. Mary's) of Southern Maryland [,];