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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 633   View pdf image (33K)
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INSURANCE. 633

to take such steps toward the removal of the causes and conditions which
have made such proceeding necessary as the court may direct.

If at any time the Commissioner shall deem that further efforts to re-
habilitate such company will be futile, he may apply to the court under
this Article for a receiver for the purpose of liquidating the company.

The Commissioner or any interested person, upon due notice to the
Commissioner, may at any time apply for an order terminating the re-
habilitation proceeding and permitting such company to resume posses-
sion of its property and the conduct of its business; but no such order
shall be granted except when, after a full hearing, the court shall deter-
mine that the purposes of the proceeding have been fully accomplished.

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

51D. Every proceeding for rehabilitation under Section 51B hereof
shall be commenced in the Circuit Court of the county in which the prin-
cipal office of the company is located; if its principal office is located in
Baltimore City, then in the Circuit Court of Baltimore City or the Circuit
Court No. 2 of Baltimore City. Such proceeding may be instituted by
the Commissioner, through the Attorney General, or by the company with
the consent of two-thirds of its Board of Directors given at a meeting duly
warned and held. In either event no order of rehabilitation shall be made
without due notice thereof to the company (served upon its president or
vice-president) or the Commissioner, as the case may be, and full oppor-
tunity to be heard. Upon such hearing the court shall either deny the
application or grant the same, together with such other relief as the nature
of the case and the interests of the policyholders, bondholders, creditors,
stockholders, members and/or the public may require.

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

51E. In any application under Section 51D of this Article the Court
may, at the time of such application or thereafter, issue an injunction re-
straining the company, its officers, directors, stockholders, members, trus-
tees, agents, servants, employees, policyholders, bondholders, attorneys,
managers, and/or all other persons from the transaction of its busi-
ness or waste or disposition of its property until the further order of said
court.

Said court may also at any time during the pendency of any such pro-
ceeding issue such other injunctions or orders as may be deemed neces-
sary to prevent interference with the Commissioner, or the proceedings,
or waste of the assets of the company, or the prosecution of any actions,
or the obtaining of preferences, judgments, attachments, or other liens, or
the making of any levy against the company or against its assets or any
part thereof.

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

51F. For the purpose of rehabilitation under this Article the Com-
missioner shall have the power to appoint under his hand and official seal


 

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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 633   View pdf image (33K)
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