HERBERT R. O'CONOR, GOVERNOR. 1071

SEC. 2. And be it further enacted, That this Act shall take
effect on June 1st, 1941.

Approved May 6, 1941.

CHAPTER 624.

(House Bill 48)

AN ACT to repeal and re-enact, with amendments, Section 16
of Article 11 of the Annotated Code of Maryland (1939
Edition), title "Banks and Trust Companies", sub-title
"Bank Commissioner".

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 16 of Article 11 of the Annotated Code of
Maryland (1939 Edition), title "Banks and Trust Companies",
sub-title "Bank Commissioner", be and the same is hereby
repealed and re-enacted, with amendments, to read as follows:

16. 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 bank-
ing institution, file in said court a complete and detailed
report as to such banking institution. The Bank Commissioner
may substitute the Deputy Bank Commissioner or a senior
examiner as receiver of such institution, provided, however,
that no such receiver shall receive any additional compensa-
tion 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. All fees
of counsel appointed by the court to advise such receiver in
the work of liquidation shall be fixed by the receiver subject
to final ratification by the court.

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 institu-
tion or for the purpose of paying dividends to the depositors
and creditors of such institution, or for the purpose of facili-
tating the re-opening or re-organization of said institution,
and for such purpose the receiver may pledge or mortgage
any of the assets of such institution with the approval of the