118 ARTICLE 11.

and all banks, trust companies, associations and individuals holding or in
possession of any assets of such institutions and shall also cause such notice
to be given by advertisement in such newspaper as he may deem necessary.
Immediately upon the posting of the notice specified in said sections either
by the Board of Directors or by the Bank Commissioner, the property,
assets and business of such institution shall be considered to be in the
possession of the Bank Commissioner, as receiver., the same as if he had
been appointed by an order of court, which fact shall operate as a bar to
any and all attachments, liens, executions, or distraints of any kind.

1933. ch. 529, sec. 9AA.

9AB. The Board of Directors of any banking institution in the posses-
sion of the Bank Commissioner as receiver, may propose a plan of reor-
ganization providing for the voluntary surrender or exchange of outstand-
ing capital stock, in whole or in, part, by existing stockholders, to the
institution, and for the resale of the shares so surrendered or exchanged,
or the sale of such other shares as may be authorized. The plan may also
provide for the voluntary subscription or contribution by existing deposi-
tors and creditors of the institution to a guarantee fund or otherwise for
the protection of depositors and creditors, and in the case of Mutual
'Savings Banks the plan may provide solely for such voluntary subscrip-
tion or contribution. If the Bank Commissioner shall approve said plan,
and is satisfied that such reorganization is for the best interests of deposi-
tors and creditors he may permit said institution to reopen. Provided,
that the provisions of Sections 20, 42 and 54 of this Article, insofar as
they may require that capital stock and surplus of a bank or trust com-
pany shall be paid for in full in money, shall not be applicable to the
reorganization and reopening of any banking institution pursuant to the
provisions of this section.

1933. ch. 529, sec. 9B. 1935, ch. 497.

9B. The Bank Commissioner shall, within a reasonable period after
taking possession of any banking institution, cause proper proceedings to
be instituted in the name of the State of Maryland against said institution
in a court of competent jurisdiction, for the purpose of having the court
assume jurisdiction over the property and business of said institution, for
liquidation, and the said Bank Commissioner shall, within six months after
taking possession of any banking institution, file in said Court a complete
and detailed report as to such banking institution. The Bank Commis-
sioner may substitute the Deputy Bank Commissioner, or a senior ex-
aminer as receiver of such institution, provided however, that no such
receiver shall receive any additional compensation for his services as
receiver, but shall be allowed clerical, traveling and legal expenses, subject
to the Court's order, and shall furnish such bond as the Court may require.

The receiver so appointed for any banking institution shall have full
power and authority to borrow money, either for the purpose of paying