BANKS AND TRUST COMPANIES 431.

edged and delivered, any and all instruments in writing necessary or
proper for such banking institution to obtain the benefits, exercise the
privileges, and to subject itself to the obligations of said "Banking Act
of 1933" (Section 12B of the Federal Reserve Act) or any amendment or
amendments thereto, including the admission from time to time of. such
banking institution as a member of the Temporary Federal Deposit Insur-
ance Fund and/or as a member and stockholder of the Federal Deposit
Insurance Corporation or as an insured bank, and/or as a member of the
Federal Reserve System, and as a stockholder of any Federal Reserve
Bank, and the withdrawal of such banking institution as a member or
stockholder of said Fund or Funds or Corporation or Corporations, and
the powers hereby conferred may be exercised from time to time as from
time to time such action may be approved by the vote of a majority of
the Board of Directors of such banking institution.¹

An. Code, 1924, sec. 64C. 1933 (Special Sess.), ch. 16. 1935, ch. 515.

85. Whenever any banking institution organized under the laws of
this State, which is a member of the Federal Deposit Insurance Corpora-
tion, shall be closed in accordance with the provisions of Sections 11 or 12
of this Article and said Federal Deposit Insurance Corporation shall pay
or make available for payment the insured deposit liabilities of such
closed institution, the Corporation, whether or not it shall have become
receiver or liquidator of such closed banking institution, as herein pro-
vided, shall be subrogated to all rights against such closed banking institu-
tion of the owners of such deposits in the same manner and to the same
extent as the Corporation is subrogated to the rights of depositors against.
a closed national bank under the provisions of Section 12B of the Federal
Reserve Act, as amended, or any amendments to said Section; Provided,
that the rights of depositors and other creditors of such closed institution
shall be determined in accordance with the applicable provisions of the
laws of the State of Maryland.

1939, ch. 308, sec. 64D.

86. In the event any banking institution as defined in Section 63 of
this Article, whether incorporated under this Article or by special act,
shall be acting as executor, administrator, guardian, trustee, receiver or
committee or in any other fiduciary capacity, shall be dissolved or liqui-
dated by the Legislature, a court or otherwise, in voluntary or involuntary
proceedings, or in the event of its reorganization, all debts due and owing
by said banking institution in any such fiduciary capacity, and all ac-
counts held by any such banking institution in an ² such fiduciary capacity,
for the funds or property of which it shall be responsible, shall be pre-
ferred in the distribution of the general assets of such banking institution
to all debts and liabilities of any nature whatsoever, including salaries and
wages of employees and other debts and liabilities, and said preference may
be asserted and enforced by any person or banking institution substituted
or succeeding as fiduciary, with respect to any of such accounts, in the
place and stead of said banking institution so liquidated, dissolved or
reorganized.

¹ Sec. 2 of ch. 15 of the acts of the Special Session of 1933 reads as follows: "Should
any section, or part of a section of this act be held to be invalid for any reason, such
holding shall not be construed as affecting the validity of any remaining section or part
of a section of this act, it being the legislative intent that the remainder of this act.
shall stand, notwithstanding the invalidity of such section or part of a section."

² As in the Act.