ALBERT C. RITCHIE, GOVERNOR. 1011

pose of facilitating the reopening or reorganization of said
institution, and for such 'purpose the receiver may pledge
or mortgage any of the assets of such institution with the
approval of the court. Before the receiver shall make any
distribution to creditors he shall prepare, state and file an
itemized account of all receipts, disbursements and ex-
penses in connection with the receivership and also of the
distribution then about to be made, in such form as the
court shall require, which account shall be accepted by the
court subject to the usual exceptions, to the same extent
as if prepared, stated and filed by an auditor of the court,
it being intended hereby to avoid, in bank receivership
cases, the additional expense and delay incident to the
stating of an auditor's account.

9C. Whenever the Bank Commissioner is in possession
of any banking institution, as receiver, he may permit it to
reopen upon such conditions as he may approve, and take
such steps as may be necessary to wind up any court pro-
ceeding which may be pending. The Board of Directors
of any such banking institution, or the depositors thereof,
representing not less than 25% of the deposit liability of
said banking institution, may propose a plan for the re-
organization and reopening of such banking institution, of
the establishing of a new banking institution, state or na-
tional, and such other corporations as may be deemed
necessary, and may select a committee to represent them
for the purpose of carrying such plan into effect.

Such plan of reorganization shall be filed with the Bank
Commissioner. He shall make such study and investiga-
tion of said plan as he may deem necessary and no hearing
before him shall be required. If the Commissioner ap-
proves the plan he shall give notice thereof by publication
once a week for at least two successive weeks in one or
more newspapers having a general circulation in every
county in which the institution, party to said reorganiza-
tion, maintains an office or principal place of business. The
word "County" for this purpose includes the City of Bal-
timore.

The banking institution or persons so filing said plan
shall within five days after such approval by the Bank
Commissioner, cause notice to be mailed or sent to all de-
positors and other creditors at their respective addresses
shown on the books of the corporation notifying them that
said plan has been filed and is open to inspection at the
office of the Bank Commissioner, with a condensed sum-
mary of the important provisions of the plan. Any failure