2116 ARTICLE 48A

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.
See sec. 229.

1933, ch. 552, sec. 51A.

53. No application for injunction against, or proceedings for disso-
lution of, or the appointment of a Receiver for, any domestic company
shall be entertained by any court in this State unless the same is made by
the State of Maryland at the instance of the Insurance Commissioner, and
no application for an ancillary Receiver for a foreign corporation, shall be
instituted except by such authority, or by the Receiver duly appointed by
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 52 of this Article.

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

54. Application may be made as set out in Section 57 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-