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Session Laws, 1933 Session
Volume 421, Page 1012   View pdf image (33K)
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1012 LAWS OF MARYLAND. [CH. 529

to notify any particular depositor or other party in interest
shall not affect the reorganization. A certificate of the
President of such banking institution or other proper per-
sons filing said plan to the effect that such notice has been
given shall be prima facie proof that this provision has
been complied with.

Any depositor, creditor, or other person in interest who
shall not have approved the plan may within thirty days
from the first publication of the notice apply to the Court
wherein the receivership is pending for the ascertainment
of the fair liquidating value of his claim, or other interest,
which liquidating value shall be made or paid either in
money or in kind. Such Court shall upon such applica-
tion determine the present cash value of such objecting
parties' interest on the basis of a judicial liquidation of said
institution.

The Court may in lieu of fixing the cash value of said
objecting parties' interest apportion to said objecting
parties their distributive share in the assets of the cor-
poration. Assets divisible in kind shall in this event, be so
apportioned. With respect to assets indivisible in, kind
between all the assenting and non-assenting parties the
Court may apportion such assets by alloting to the ob-
jecting parties shares of stock, securities or certificates of
interest issued by a corporation or Trustee reasonably
fairly representing such non-assenting parties' interest in
such indivisible assets. The entire amount alloted to such
non-assenting parties, however, shall be delivered and paid
to the Receiver for liquidation for the benefit of the non-
assenting parties.

In case within said period of thirty days less than
33 1/3 in interest of the depositors and other unsecured
creditors shall file such application, the Court may pass an
order approving the same and fixing the terms and con-
ditions upon which the receivership may be terminated.

The persons proposing said plan may, however, at any
time within ten days after the final decision in any such
proceeding abandon said plan for reorganization.

The provisions of Sections 20, 42 and 54 of this Article,
insofar as they may require that capital stock and surplus
of a bank or trust company shall be paid for in full in
money, shall not be applicable to the reorganization and
reopening of a closed bank or the establishing of a new
bank pursuant to the provisions of this section.

9D. If in any banking institution there shall be deposits
of public money belonging to any county or municipal cor-

 

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Session Laws, 1933 Session
Volume 421, Page 1012   View pdf image (33K)
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