HARRY W. NICE, GOVERNOR. 319

SEC. 2. And be it further enacted, That this Act shall take
effect as of June 1, 1937.

Approved May 18, 1937.

CHAPTER 181.

AX ACT to repeal and re-enact, with amendments, Section 59
of Article 11 of the Annotated Code of Maryland, (1935 Sup-
plement), title "Banks and Trust Companies", sub-title "Gen
eral Regulations", prescribing the manner in which banking

, Institutions may consolidate or merge and the rights and
obligations of stockholders dissenting to such consolidation
or merger.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 59 of Article 11 of the Annotated Code of
Maryland, 1935 Supplement, title "Banks and Trust Com-
panies", sub-title "General Regulations", be and the same is
hereby repealed and re-enacted, with amendments, as follows:

59. Any banking institution of this State having capital
stock may consolidate or merge with any other banking insti-
tution of this State having capital stock, in the same manner
that ordinary business corporations having stock may consoli-
date or merge under the general laws of this State; and the
rights of any stockholder of any consolidating or merging
banking 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 to
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
consent 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.

SEC. 2. And be it further enacted, That this Act shall take
effect as of June 1, 1937.

*

Approved May 18, 1937.