632 ARTICLE 48A.

some other court of competent jurisdiction, and in any such proceeding
the court shall be authorized to appoint the Insurance Commissioner or
the Deputy Insurance Commissioner as ancillary Receiver, subject to the
provisions of Section 51 of this Article.

1933 (Special Sess. ), ch. 40, sec. 51B.

51B. Application may be made as set out in Section 51E of this
Article for an order authorizing and directing the Insurance Commissioner
to rehabilitate any domestic insurance company defined in Section 1 of
this Article upon any one or more of the following grounds: That such

company (1) is insolvent; or (2) has refused to submit its books, records,
papers, accounts, or affairs to the reasonable inspection of the Commis-
sioner, his deputy or examiner; or (3) has neglected or refused to observe
an order of the Commissioner to make good within the time prescribed by
law any deficiency, whenever its capital stock, if it be a stock corporation,
or its reserve, if it be a mutual corporation, shall have become impaired;

or (4) has, by contract of reinsurance or otherwise, transferred or at-
tempted to transfer substantially its entire property or business, or entered
into any transaction the effect of which is to merge substantially its entire
property or business in the property or business of any other corporation,
association, society, order, partnership or individual, without having first

obtained the written approval of the Commissioner; or (5) is found, after
an examination by the Commissioner, to be in such condition that its
further transaction of business will be hazardous to its policyholders, bond-
holders, or to its creditors or to the public; or (6) has wilfully violated its
charter or any law of the State of Maryland; or (7) has an officer who
has refused to be examined under oath, touching its affairs; or (8) is
found, after examination by the Commissioner, to be in such condition
that it could not meet the requirements for incorporation and authoriza-
tion specified in this Article for such companies; or (9) has ceased to
transact the business of insurance for a period of one year; or (10) has

commenced voluntary liquidation or dissolution, or attempts to commence

or prosecute any action or proceeding to liquidate its business, or affairs,
or to dissolve its corporate charter, or to procure the appointment of a
receiver, custodian or sequestrator under any law except this Article in
this state or elsewhere, or in any Federal Court; or (11) has been the
subject of an application for the appointment of a receiver, custodian or

sequestrator, whether such appointment has actually been made or not; or
(12) has consented to such rehabilitation through a majority of its direc-
tors at a meeting duly called and held, or if said directors have not so
consented through a majority of its stockholders or members at a meeting

duly called and held.

1933 (Special Sess. ), ch. 40, sec. 51C.

510. An order to rehabilitate a domestic company shall direct the
Commissioner and/or his successors in office forthwith to take possession
of the property of the company and to conduct the business thereof, and/or