334                               LAWS OF MARYLAND                        [CH. 126

duly warned by the Commissioner to discontinue such violations of
law, or such unsafe or unsound practices, the Commissioner by and
with the advice and counsel of the Banking Board may certify the
facts to the Governor and the Attorney General. A certified copy of
such facts shall be sent to each Director of the institution affected, by
registered mail. If after granting to the accused Director or officer
an opportunity to be heard the Commissioner finds that the viola-
tions continue, the Commissioner, in his discretion, may by his order
duly approved by the Attorney General remove such Director or offi-
cer from office. A copy of such order shall be served not only upon
such Director or officer but also upon the institution of which he is
an officer or Director or both.

15.

The [Bank] Commissioner shall, within a reasonable period after
taking possession of any banking institution cause proper proceed-
ings to be instituted in the name of the State of Maryland against said
institution in a court of competent jurisdiction, for the purpose of hav-
ing 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 insti-
tution, file in said court a complete and detailed report as to such
banking institution. The [Bank] Commissioner may substitute the
deputy bank commissioner or an [senior] examiner as receiver of
such institution, provided, however, that no such receiver shall re-
ceive any additional 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.
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 institution or for the purpose
of paying dividends to the depositors and creditors of such institu-
tion, or for the purpose of facilitating the reopening or reorganization
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 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 distribution 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.

The receiver shall be authorized and empowered, subject to the
approval of the court, to pay in full all creditors EACH CREDITOR
whose aggregate claims do not exceed the sum of five dollars ($5.00).

[18.

Any officer, director, trustee, agent, clerk or employee, who wil-
fully and knowingly violates any of the provisions of the law govern-
ing or regulating the institutions mentioned in this article, shall be