1488 LAWS OF MARYLAND.

lated, any of the provisions of law applicable to such corpora-
tion, and that he is the owner in good faith and in his own
right of the number of shares of stock required by this Section,
subscribed by him or standing in his name on the books of the
corporation, and that the same is not hypothecated nor in
any way pledged as security for any loan or debt.

SEC. 60. Any banking institution doing business under this
Act may, by action of its board of directors, place its affairs
and assets in the hands and under the control of the Bank
Commissioner, by posting a notice on its front door, as follows:
"This institution is in the hands of the Bank Commissioner."
Immediately upon posting such notice, the said institution shall
notify the Bank Commissioner of such action. The posting of
such notice or the taking possession of any banking institution
by the Bank Commissioner shall be sufficient to place all its
assets and property of whatever nature in the possession of the
Bank Commissioner, as receiver.

SEC. II. And be it further enacted by the General Assembly
of Maryland, That Sections 10 and 16 of Article 11 of the Code
of Public General Laws of Maryland of 1904, title "Banks," as
amended by Chapter 194 of the Acts of the General Assembly
of Maryland of 1912, be and the same are hereby repealed and
re-enacted with amendments, to read as follows:

SEC. 10. Whenever it shall appear to the Bank Commissioner
upon examination, that any institution to which this Act is ap-
plicable, is conducting its business in an unsafe, or unauthorized
manner, or if any such institution shall refuse to submit its
books, papers and concerns to the examination of the Bank Com-
missioner, or if any such institution shall neglect or refuse to
observe an order of the Bank Commissioner as specified in Sec-
tion 9 of this Act, the Bank Commissioner may, with the written
consent of the Governor and Attorney-General obtained prior
thereto forthwith take possession of the property and business
of such institution and retain possession until such institution
shall resume business or its affairs be finally liquidated as herein
provided. On taking possession of the property and business of
any such institution the Bank Commissioner shall forthwith give
notice of such fact to any and all banks, trust companies, asso-
ciation, and individuals holding or in possession of any assets
of such institution, and shall also cause such notice to be given
by advertisement in such newspapers as he may direct, and also
to cause a notice to be posted on the front door of such institu-