254 BANKS AND TRUST COMPANIES. [AET. 11

debts against such institution, or either of them; and a banking institu-
tion which is, in good faith, winding up its business for the purpose of
consolidating with some other banking institution, may transfer its
resources and liabilities to the banking institution with which it is in
process of consolidation.

As to the consolidation of other corporations, see art. 23. sec. 29, et seq.

1910, ch. 219, sec. 59 (p. 26).

60. Any bank or trust company organized or doing business under
the provisions of this Article may go into liquidation by a vote of its
stockholders owning two-thirds of the capital stock. Whenever a vote
is taken to go into liquidation, it shall be the duty of the board of
directors to cause notice of this fact to be certified, under the seal of
the bank or trust company, by its president and cashier or treasurer to
the Bank Commissioner, and publication thereof, notifying creditors
to present their claims against the bank or trust company for payment,
shall be made once in each week for eight consecutive weeks in a news-
paper published in the city, village or county in which the bank or
trust company is located, and if no newspaper is there published, then
in the nearest county seat.
See art 23, sec. 3S. of seq.

1910, ch. 219. sec. 60 (p. 27).

61. Any banking institution doing business under this article may,
by action of its board of directors, place its affairs and assets in the
hands and under the control of the Bank Commissioner, by posting a
notice on its front door, as follows: "This institution is in the hands
of the Bank Commissioner." Immediately upon posting such notice,
the said institution shall notify the Bank Commissioner of such action.
The posting of such notice or the taking possession of any banking
institution by the Bank Commissioner shall be sufficient to place all
its assets and property of whatever nature in the possession of the Bank
Commissioner, and shall operate as a bar to any attachment proceed-
ings.

1910. ch. 219, sec. 61 (p. 27).

62. Every bank (other than a saving's bank without capital stock)
shall keep on hand at all times a cash reserve of at least 5 per cent, of
its deposits, payable on demand, and an additional reserve of 10 per
cent, of such deposits, which last-mentioned reserve may be kept on
deposit in such bank or banks, or trust company or trust companies of
the State of Maryland, or elsewhere, of good standing, as the board of
directors by resolution may direct. Every trust company shall keep
on hand at all times a reserve of at least 10 per cent, of its deposits
payable on demand (not including thereunder, however, any deposits
made by the city of Baltimore and secured by the counter deposits of
Baltimore city stock); which reserve shall be kept on deposit in such
bank or banks, or trust company, or trust companies, of good standing.