888 LAWS OF MARYLAND. [CH. 486

71-H, to be known as Section 71-H-A, so as to permit,
with the approval of the Bank Commissioner, the re-
organization and re-opening of banking institutions now
in his custody, under a plan for the re-construction of
the capital structure or guarantee fund of any such bank-
ing institution, through the voluntary subscription or
contribution of stockholders and/or depositors, and to
provide that deposits now in such banking institutions
may be treated as cash for the purpose of subscription
or contribution, in any re-organization under the pro-
visions of said Act.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That a new section be, and the same is hereby
added to Chapter 46 of the Acts of the General Assembly
of 1933, to follow immediately after Section 71-H of said
Act, to be known as Section 71-H-A, and to read as follows:

71-H-A. The Board of Directors of any banking insti-
tution in the custody of the Bank Commissioner under the
provisions of Chapter 46 of the Acts of 1933, may formu-
late and propose a plan of re-organization providing for
the voluntary surrender or exchange of outstanding capital
stock, in whole or in part, by existing stockholders, to the
institution, and for the resale of the shares so surrendered
or exchanged, or the sale of such other shares as may be
authorized. The plan may also provide for the voluntary
subscription or contribution by existing depositors and
creditors of the institution to a guarantee fund or other-
wise for the protection of depositors and creditors, and in
the case of Mutual Savings Banks the plan may provide
solely for such voluntary subscription or contribution. If
the Bank Commissioner shall approve said plan, and is
satisfied that such re-organization is for the best interests
of depositors and creditors he may permit said institution
to reopen, and may, with the written approval of the Gov-
ernor and the Attorney General, permit said institution to
exempt itself from the provisions of said Act. 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 re-organization and
re-opening of a closed bank or the establishment of a new
bank pursuant to the provisions of this section or of the
next two succeeding sections of said Chapter 46.

SEC. 2. And be it further enacted, That this Act is
hereby declared to be an emergency law and necessary for