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Session Laws, 1933 Session
Volume 421, Page 93   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 93

posed on other deposits by or under the provisions of this
Act.

71F. At any time during his custody of any bank-
ing institution as authorized by this Act, the Bank Com-
missioner may exercise the powers conferred upon him
by Section 9 of this Article, and with the written consent
of the Governor and Attorney General obtained prior
thereto, forthwith proceed as Receiver, subject to the pro-
visions of said section, and thereupon all suspension of
remedies and extensions of deposits or debts shall cease
and determine.

71G. All deposits of public money not secured by the
deposit of collateral or by a surety bond, guaranteeing the
payment of such deposits when demanded, now in any
banking institution, made toy the State of Maryland, any
county, municipality or town, taxing district, or any politi-
cal sub-division of the State or of any officer, board, com-
mission, institution or other agency thereof or the receiver
of any banking institution, shall be entitled to priority and
immediately transferred to a new deposit and thereafter
subject to all rights as to new deposits set out in Section
71E of this Act., No restriction or limitation on with-
drawals of deposits made by or under the provisions of
this Act shall apply to withdrawals from any banking in-
stitution by check payable to and in the possession of the
City Collector of Baltimore City before five P. M. on Feb-
ruary 28th, 1933, and presented by the said Collector for
deposit to any banking institution in Baltimore City on
March 1st, 1933, the aggregate amount of said checks not
to exceed $2, 101, 347. 90. Any banking institution is
authorized to accept the certification of the City Collector
to the facts above stated, and upon such identification the
banking institution upon which said checks are drawn is
required to pay the same. The purpose of this is to
provide the City with necessary funds to meet certain
bonded indebtedness and interest which matured on March
1st, 1933, and to enable said City to meet emergency relief
for which funds are otherwise unavailable.

71H. No suspension of remedies or extension of time
for payment and no other provision affecting deposits of,
or obligations to the State or any political sub-division or
agency thereof, which are secured by deposit of collateral
or by a surety bond, shall be effective unless and until the
depositor of such collateral or the surety shall have exe-

 

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Session Laws, 1933 Session
Volume 421, Page 93   View pdf image (33K)
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