428 ARTICLE 11

An. Code, 1924, sec. 59. 1912, sec. 59. 1910, ch. 219, sec. 58 (p. 26).
1931, ch. 294, sec. 59. 1937, ch. 181.

76. Any banking institution of this State having capital stock may
consolidate or merge with any other banking institution of this State having
capital stock, in the same manner that ordinary business corporations hav-
ing stock may consolidate or merge under the general laws of this State;
and the rights of any stockholder of any consolidating or merging bank-
ing institution of this State having capital stock, who shall dissent to the
plan for consolidation or merger at the stockholders' meeting at which
the said plan is submitted tc the stockholders, shall be the same as the rights
of a dissenting stockholder of an ordinary business corporation of this
State; but no such consolidation or merger shall be made without the con-
sent of the Bank Commissioner, and not then to defeat or defraud any of
the creditors of any such institution in the collection of their debts against
such institution, or either of them; and such a banking institution which
is, in good faith, winding up its business for the purpose of consolidating
or merging with some other banking institution, may transfer its resources
and liabilities to the banking institution with which it is in process of
consolidation or merger.

This section does not authorize the Bank Commissioner to disclose to either bank
to a proposed consolidation any information as to other bank which he has obtained
in his official capacity. State v. Page, 163 Md. 512.

As to the consolidation of other corporations, see art. 23, sec. 33, et seq.

An. Code, 1924, sec. 60. 1912, sec. 60. 1910, ch. 219, sec. 59 (p. 26).

77. Any bank or trust company organized or doing business under the
provisions of this Article may go into liquidation by a vote of its stock-
holders owning two-thirds of the capital stock. Whenever a vote is taken
to go into liquidation, it shall be the duty of the board of directors to cause
notice of this fact to be certified, under the seal of the bank or trust com-
pany, by its president and cashier or treasurer to the Bank Commissioner,
and publication thereof, notifying creditors to present their claims against
the bank or trust company for payment, shall be made once in each week
for eight consecutive weeks in a newspaper published in the city, village
or county in which the bank or trust company is located, and if no news-
paper is there published, then in the nearest county seat.

Cited but not construed in Nagel v. Ghingher, 166 Md. 241.

This section referred to in construing sec. 97. See notes thereto. Robinson v.
Hospelhprn, 169 Md. 130.
' See art. 23, sec. 55, et seq.

An. Code, 1924, sec. 62. 1912, sec. 62. 1910, ch. 219, sec. 61 (p. 27). 1931, ch. 503.
1937, ch. 180. 1939, ch. 306.

78. Every bank (other than a savings bank without capital stock)
shall keep on hand at all times a reserve of at least 15 per cent of its
deposits, payable on demand; which reserve may be kept as cash on hand,
or oh deposit in such bank or banks, or trust company or trust companies
of the State of Maryland, or elsewhere, of good standing, as the board of
directors or executive committee by resolution may direct. Every bank
shall also keep on hand at all times a reserve of at least three per cent
(3%) of their time deposits; which reserve may be kept as cash on hand,
or on deposit in such bank or banks, or trust company or trust companies
of the State of Maryland, or elsewhere, of good standing, as the board of
directors or executive committee by resolution may direct, or in the form
of direct obligations of the United States Government, or the State of