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The Maryland Code : Public General Laws and Public Local Laws, 1860
Volume 145, Page 60   View pdf image (33K)
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60 BANKS. [ART. 12.

10. When any such bank shall appoint a trustee or trustees for
the benefit of the creditors of such bank, any court of equity
having jurisdiction where the said bank is situated or has its
office, may in its discretion appoint, in place of such trustee or
trustees, or any of them, any other person or persons who shall
be nominated and recommended by a majority in amount of the
creditors of said bank, if the said court shall be satisfied that
the interest of the creditors of said bank requires such appoint-
ment.

11. In all such cases the majority of the creditors in amount
shall have the right, on application made to the said court, to re-
quire the trustee or trustees who shall be appointed by any bank
for the benefit of the said creditors to give bond and security to
the State of Maryland, in such sum and with such security as
the said court may require and approve, for the faithful per-
formance and execution of the trust, and on neglect or refusal so
to do, to surrender up the trust; and the said bond shall be filed
and recorded with all other of the proceedings, and a copy of the
same, authenticated in the usual form, shall be evidence.

12. Every bank and incorporated institution in this State
which is in the habit of receiving deposits and declaring divi-
dends, shall cause to be published in some newspaper printed in
the county in which such bank or institution may be located, or
in the city of Baltimore as the case may be, once a week for
three successive weeks in the month of September in each year,
a list of the deposits and dividends which have been of more
than three years' standing, and uncalled for and unclaimed, to-
gether with the names of the parties to whose credit they stand
on the books of such bank or institution and their respective
amount. This section not to apply to Savings banks, nor to in-
stitutions which receive deposits and compound the interest and
dividends as they become due.

13. All the expenses incurred by the said bank or incorporated
institution in making out and publishing the said lists, shall be
paid out of and be deducted pro rata from the dividends and de-
posits unclaimed and uncalled for as aforesaid.

14. If any bank or incorporated institution aforesaid shall in
any year fail or neglect to make the publication required by the
12th section of this article, the president of such bank or incor-
porated institution shall be liable to a fine of not less than fifty

 

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The Maryland Code : Public General Laws and Public Local Laws, 1860
Volume 145, Page 60   View pdf image (33K)
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