HARRY W. NICE, GOVERNOR. 1045

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 9B of Article 11 of the Annotated
Code of Maryland, title "Banks and Trust Companies, " sub-
title "Bank Commissioner, " as said section was enacted by
Chapter 529 of the Acts of 1933, be and it is hereby re-
pealed and re-enacted with amendments to read as follows:

9B. The Bank Commissioner shall, within a reasonable
period after taking possession of any banking institution,
cause proper proceedings to be instituted in the name of the
State of Maryland against said institution in a court of
competent jurisdiction, for the purpose of having the court
assume jurisdiction over the property and business of said
institution, for liquidation, and the said Bank Commissioner
shall, within six months after taking possession of any
banking institution, file in said Court a complete and de-
tailed report as to such banking institution. The Bank Com-
missioner may substitute the Deputy Bank Commissioner,
or a senior examiner as receiver of such institution, provid-
ed however, that no such receiver shall receive any addi-
tional compensation for his services as receiver, but shall be
allowed clerical, traveling and legal expenses, subject to the
Court's order, and shall furnish such bond as the Court
may require.

The receiver so appointed for any banking institution
shall have full power and authority to borrow money, either
for the purpose of paying any of the obligations of said in-
stitution or for the purpose of paying dividends to the de-
positors and creditors of such institution, or for the purpose
of facilitating the reopening or reorganization of said in-
stitution, and for such purpose the receiver may pledge or
mortgage any of the assets of such institution with the ap-
proval of the Court. Before the receiver shall make any
distribution to creditors he shall prepare, state and file an
itemized account of all receipts, disbursements and expenses
in connection with the receivership and also of the dis-
tribution then about to be made, in such form as the court
shall require, which account shall be accepted by the court
subject to the usual exceptions, to the same extent as if
prepared, stated and filed by an auditor of the court, it
being intended hereby to avoid, in bank receivership cases,
the additional expense and delay incident to the stating of
an auditor's account.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1935.

Approved April 29, 1935.