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Session Laws, 1933 Session
Volume 421, Page 95   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 95

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
Baltimore.

The banking institution so filing said plan shall within
five days after such approval by the Bank Commissioner,
cause notice to be mailed or sent to all stockholders, 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
to notify any particular stockholder, depositor or other
party in interest shall not affect the reorganization. A
certificate of the President or other proper officer of such
banking institution 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, stockholder 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 Circuit Court of the County in which the principal
office of the institution is situated or to one of the Circuit
Courts of Baltimore City if the principal office or place of
business be located in Baltimore City and apply for the
ascertainment of the fair liquidating value of his claim,
stock or other interest, which liquidating value shall be
made or paid either in money or in kind. Such Court shall
upon such application 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 corpora-
tion. 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 Bank Commissioner as Receiver for liquidation for
the benefit of the non-assenting parties.

In case within said period of thirty days less than 33 1/3%

 

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Session Laws, 1933 Session
Volume 421, Page 95   View pdf image (33K)
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