INSURANCE 2117

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.

55. 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
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 determine that
the purposes of the proceeding have been fully accomplished.

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

56. Every proceeding for rehabilitation under Section 54 hereof shall
be commenced in the Circuit Court of the county in which the principal
office of the company is located; if its principal office is located in Balti-
more 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.

57. In any application under Section 56 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 business 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.