1070 LAWS OF MARYLAND. [CH. 516

Article and said Federal Deposit Insurance Corporation
shall pay or make available for payment the insured de-
posit liabilities of such closed institution, the Corporation,
whether or not it shall have become receiver or liquidator
of such closed banking institution, as herein provided, shall
be subrogated to all rights against such closed banking
institution of the owners of such deposits in the same man-
ner and to the same extent as the Corporation is subro-
gated to the rights of depositors against a closed national
bank under the provisions of Section 12B of the Federal
Reserve Act, as amended, or any amendments to said Sec-
tion; Provided, that the rights of depositors and other
creditors of such closed institution shall be determined in
accordance with the applicable provisions of the laws of
the State of Maryland.

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

Approved April 25, 1935.

CHAPTER 516.

AN ACT to repeal and re-enact with amendments Section
64-B of Article 11 of the Annotated Code of Maryland
(1924 Edition and 1929 Supplement), title "Banks and
Trust Companies, " sub-title "General Regulations, " as
said Section was enacted by Chapter 15 of the Acts of
the Extraordinary Session of 1933, relating to member-
ship in the Federal Deposit Insurance Corporation.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 64-B of Article 11 of the Annotated
Code of Maryland (1924 Edition and 1929 Supplement),
title "Banks and Trust Companies, " sub-title "General Reg-
ulations, " as said Section was amended by Chapter 15 of
the Acts of the Extraordinary Session of 1933 be and it is
hereby repealed and re-enacted, with amendments, to read
as follows:

64-B. Every Banking institution, as defined in Section
52 of this Article, heretofore or hereafter organized under
the laws of this State, is specially granted the power and
authority, if the action is approved by a vote of a majority
of its Board of Directors, to become a member of the Tem-