94 LAWS OF MARYLAND. [CH. 46

cuted an agreement in writing in form and terms satis-
factory to the official authorized to accept and/or approve
depository bonds for the State, such sub-division or agency,
as the case may be, providing that such suspension, ex-
tension and/or other provisions shall not release or impair
the lien of such collateral or the obligation of such surety,
and providing further that such lien or obligation shall be
enforceable only on demand made after default occurring
upon or after the extended date of such secured deposit
or obligation, as fully as upon default at the time originally
provided. Upon the filing of such agreement by the surety
all liability of such surety as to future deposits of the State,
or any political sub-division or agency thereof, as the case
may be, shall cease.

Provided, further, that the holder of a surety bond guar-
anteeing deposits in any banking institution in this State,
including, but not limited to, deposits or obligations due
to the State or any political sub-division or agency there-
of, shall not demand of or 'be entitled to receive from the
surety or sureties thereof, payment of such bond at a rate
faster than the deposit guaranteed thereby shall be pay-
able by such banking institution, but the holder of such
surety bond shall be entitled to demand and receive from
the surety the full amount remaining payable upon the
deposit whenever, if at all, the Bank Commissioner shall
take possession of the institution as receiver.

711. The Board of Directors of any banking institution
whose aggregate property shall not be sufficient in amount
to pay its debts or which may be unable to pay its debts
in the ordinary course of business as they mature or which
may be in the custody of the Banking Commissioner under
this Act, may formulate and propose a plan of reorganiza-
tion. Such reorganization may provide for a continu-
ance of such existing institution or the formation of
one or more new banking institutions, state or na-
tional, or other corporations and for the transfer of all
or part of the assets to such new institutions or corpora-
tions or to trustees for such consideration in money, secur-
ities or evidences of debt or interest of any kind approved
by such Board.

Such plan of reorganization shall be filed with the Bank
Commissioner. He shall make such study and investigation
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