ALBERT C. RITCHIE, GOVERNOR. 105

Article, to provide that whenever any banking in-
stitution of this State, which is a member of the
Temporary Federal Deposit Insurance Fund, or a
Class A stockholder of the Federal Deposit Insur-
ance Corporation, shall be in the hands of the
Bank Commissioner, as receiver, or otherwise, and
the Federal Deposit Insurance Corporation shall
have organized a new national bank in accordance
with the provisions of the Federal Banking Act of 1933,
which said Bank shall assume the insured deposit liabili-
ties of such Maryland institution, as provided in said
Act, the Federal Deposit Insurance Corporation shall be
subrogated to all rights of the owners of such deposits
and shall be entitled to receive the same dividends from
the proceeds of the assets of such Maryland institution
as would have been payable to each such depositor until
such dividends shall equal the insured deposit liability to
such depositor assumed by the new bank, whereupon all
further dividends shall be payable to such depositor.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That a new section be and the same is hereby
added to Article 11 of the Annotated Code of Public Gen-
eral Laws of Maryland, title "Banks and Trust Companies, "
sub-title "General Regulations, " said new section to be
known as Section 64C, to follow immediately after Section
64B, and to read as follows:

64C. Whenever any banking institution organized under
the laws of this State, which is a member of the Tempor-
ary Federal Deposit Insurance Fund or a Class A stock-
holder of the Federal Deposit Insurance Corporation, shall
be in the custody, control and management of the Bank
Commissioner, under the provisions of Chapter 46, Acts of
1933 (regular session) and amendments thereto, or in the
possession of the Bank Commissioner under the provisions
of Chapter 529, Acts of 1933 (regular session) and amend-
ments thereto, and the Federal Deposit Insurance Cor-
poration shall have organized a new national bank in ac-
cordance with the provisions of Section 12b (L) of the
Banking Act of 1933, passed by the Congress of the United
States, and approved June 16th, 1933, which said Bank
shall have assumed the insured deposit liabilities of such
Maryland institution, as provided in said sub-section, the
Federal Deposit Insurance Corporation shall be subrogated
to all rights of the owners of such deposits against such
Maryland institution or the Bank Commissioner of Mary-