174 LAWS OF MARYLAND. [CH. 40

animation by the Commissioner, to be in such condition
that it could not meet the requirements for incorporation
and authorization specified in this Article for such compa-
nies; or (9) has ceased to transact the business of insur-
ance for a period of one year; or (10) has commenced vol-
untary liquidation or dissolution, or attempts to commence
or prosecute any action or proceeding to liquidate its busi-
ness, or affairs, or to dissolve its corporate charter, or to
procure the appointment of a receiver, custodian or seques-
trator under any law except this Article in this state or
elsewhere, or in any Federal Court; or (11) has been the
subject of an application for the appointment of a receiver,
custodian or sequestrator, whether such appointment has
actually been made or not; or (12) has consented to such
rehabilitation through a majority of its directors at a meet-
ing duly called and held, or if said directors have not so
consented through a majority of its stockholders or mem-
bers at a meeting duly called and held.

51C. An order to rehabilitate a domestic company shall di-
rect the Commissioner and/or his successors in office forth-
with to take possession of the property of the company and
to conduct the business thereof, and/or to take such steps
toward the removal of the causes and conditions which have
made such proceeding necessary as the court may direct.

If at any time the Commissioner shall deem that further
efforts to rehabilitate such company will be futile, he may
apply to the court under this Article for a receiver for the
purpose of liquidating the company.

The Commissioner or any interested person, upon due
notice to the Commissioner, may at any time apply for an
order terminating the rehabilitation proceeding and per-
mitting such company to resume possession of its property
and the conduct of its business; but no such order shall be
granted except when, after a full hearing, the court shall
determine that the purposes of the proceeding have been
fully accomplished.

51D. Every proceeding for rehabilitation under Section
51B hereof shall be commenced in the Circuit Court of the
county in which the principal office of the company is lo-
cated; if its principal office is located in Baltimore City,
then in the Circuit Court of Baltimore City or the Circuit
Court No. 2 of Baltimore City. Such proceeding may be
instituted by the Commissioner, through the Attorney
General, or by the company with the consent of two-thirds
of its Board of Directors given at a meeting duly warned