1158                           LAWS OF MARYLAND                      [CH. 553

has been approved by the Commissioner. Such plan shall be prepared
in writing setting forth in full the terms and conditions thereof. The
board of directors shall submit the plan to the supreme legislative
or governing body of such society at any regular or special meeting
thereof, by giving a full, true and complete copy of the plan with the
notice of such meeting. The notice shall be given as provided in the
laws of the society for the convocation of a regular or special meeting
of such body, as the case may be. The affirmative vote of two-thirds
of all members of such body shall be necessary for the approval of
the agreement. No such conversion shall take effect unless and until
approved by the Commissioner, who may give such approval if he
finds that the proposed change is in conformity with the require-
ments of law and not prejudicial to the certificate holders of the
society.

351. Injunction—Liquidation—Receivership of Domestic Society.

(a)   When the Commissioner upon investigation finds that a do-
mestic society:

(1)   Has exceeded its powers;

(2)   Has failed to comply with any provision of this subtitle;

(3)   Is not fulfilling its contracts in good faith;

(4)   Has a membership of less than four hundred (400) after an
existence of one year or more; or

(5)   Is conducting business fraudulently or in a manner hazardous
to its members, creditors, the public or the business; he shall notify
the society of his findings, state in writing the reasons for his dis-
satisfaction, and require the society to show cause on a date named
why it should not be enjoined from carrying on any business until
the violation complained of shall have been corrected, or why an
action in quo warranto should not be commenced against the society.

(b)   If on such date the society, does not present good and sufficient
reasons why it should not be so enjoined or why such action should
not be commenced, the Commissioner may present the facts relating
thereto to the Attorney General who shall, if he deems the circum-
stances warrant, commence an action to enjoin the society from trans-
acting business or in quo warranto. The court shall thereupon notify
the officers of the society of a hearing. If after a full hearing it ap-
pears that the society should be so enjoined or liquidated or a receiv-
er appointed, the court shall enter the necessary order.

(c)   No society so enjoined shall have the authority to do business
until:

(1)   The Commissioner finds that the violation complained of has
been corrected;

(2)   The costs of such action have been paid by the society if the
court finds that the society was in default as charged;

(3)   The court has dissolved its injunction; and

(4)   The Commissioner has reinstated the society's license.

(d)   If the court orders the society liquidated, it shall be enjoined
from carrying on any further business, whereupon the receiver of the
society shall proceed at once to take possession of the books, papers,