400 ARTICLE 11

An Code, 1924, sec 9AA 1933, ch 529, sec 9A

14 On taking possession of the property and business of any bank-
ing institution under the provisions of Sections 11 or 12 of this Article,
the Bank Commissioner shall forthwith give notice of such fact to any
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 com t, which fact shall operate as a bai to
any and all attachments, liens, executions, or distraints of any kind

An Code 1924 sec 9AB 1933, ch 529, sec 9AA

15 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 pait, by existing stockholders, to the
institution, and foi the resale of the shares so surrendered or exchanged,
or the sale of such othei 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 guaiantee 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 piovisions of Sections 29, 54 and 68 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 monev, shall not be applicable to the
reorganization and reopening of any banking institution pursuant to the
provisions of this section

An Code, 1924, sec 9B 1933 ch 304 1933, ch 529, sec 9B 1935, ch 497 1939, ch 304

16 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 examiner
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 monev, either for the purpose of paving any
of the obligations of said institution or for the purpose of paying dividends
to the depositors and creditors of such institution, or for the purpose of