J. MILLARD TAWES, Governor                     1053

(2)   Every director, officer, employee, stockholder, member, sub-
scriber and any other person acting on behalf of such insurer who
shall be concerned in any such act or deed and every person receiv-
ing thereby any property of such insurer or the benefit thereof shall
be personally liable therefor and shall be bound to account to the
Commissioner.

(3)   The Commissioner as receiver in any proceeding under this
subtitle may avoid any transfer of or lien upon the property of an
insurer which any creditor, stockholder, subscriber or member of
such insurer might have avoided and may recover the property so
transferred unless such person was a bona fide holder for value prior
to the date of the entering of an order to show cause under this sub-
title. Such property or its value may be recovered from anyone who
has received it except a bona fide holder for value as herein specified.

158.    Priority of Claims for Compensation.

(a)   Compensation actually owing to officers and employees of an
insurer, for services rendered within three months prior to the com-
mencement of a proceeding against the insurer under this subtitle,
but not exceeding five hundred dollars ($500) for each officer or
employee, shall be paid prior to the payment of any other debt or
claim, and in the discretion of the Commissioner may be paid as soon
as practicable after the proceeding has been commenced; except that
at all times the Commissioner shall reserve such funds as will in his
opinion be sufficient for the expenses of administration.

(b)   Such priority shall be in lieu of any other similar priority
which may be authorized by law as to wages or compensation of
such employees.

159.    Offsets.

(a)   In all cases of mutual debts and credits between the insurer
and another person in connection with any action or proceeding
under this subtitle, such debts and credits shall be set off and the
balance only shall be allowed or paid, except as provided in subsec-
tion (b) below.

(b)   No offset shall be allowed in favor of any such person where:

(1)   The obligation of the insurer to such person would not at the
date of the entry of any liquidation order or otherwise, as provided
in section 156, entitle him to share as a claimant in the assets of the
insurer, or

(2)   The obligation of the insurer to such person was purchased
by or transferred to such person with a view of its being used as an
offset, or

(3)   The obligation of such person is to pay an assessment levied
against the members of a mutual insurer, or against the subscribers
of a reciprocal insurer, or is to pay a balance upon the subscription
to the capital stock of a stock insurer.

160.    Allowance of Certain Claims.

(a) No contingent and unliquidated claim shall share in a dis-
tribution of the assets of an insurer which has been adjudicated to