MARVIN MANDEL, Governor                            2031

Article 11 - Banks and Trust Companies

14.

The board of directors of any banking institution in
the possession of the Bank Commissioner as receiver, may
propose a plan of reorganization providing for the
voluntary surrender or exchange of outstanding capital
stock, in whole or in part, by existing stockholders, to
the institution, and for the resale of the shares so
surrendered or exchanged, or the sale of such other
shares as may be authorized. The plan may also provide
for the voluntary subscription or contribution by
existing depositors and creditors of the institution to a
guarantee fund or otherwise for the protection of
depositors and creditors[, ] and, in the case of mutual
savings banks, the plan may provide solely for such
voluntary subscription or contribution. If the Bank
Commissioner [shall approve said] APPROVES THE plan[,]
and is satisfied that [such] THE reorganization is for
the best interests of depositors and creditors, he may
permit [said] THE institution to reopen. [Provided,
that] HOWEVER, the provisions of [§§ 28, 53 and 68 of
this article,] §§ 6-118(B), 6-139(B) , AND 6-156 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE, [insofar as] TO
THE EXTENT THAT they [may] require [that] THE capital
stock and surplus of a bank or trust company [shall] TO
be paid for in full in money, [shall] ABE not [be]
applicable to the reorganization and reopening of any
banking institution pursuant to the provisions of this
section.

16.

Whenever the Bank Commissioner is in possession of
any banking institution, as receiver, he may permit it to
reopen upon such conditions as he may approve[,] and take
such steps as may be necessary to wind up any court
proceeding which may be pending. The board of directors
of any such banking institution[,] or [the] ITS
depositors [thereof,] representing not less than [25%] 25
PERCENT of the deposit liability of [said] THE banking
institution[,] may propose a plan for the reorganization
and reopening of [such] THE banking institution, of the
establishing of a new STATE OF NATIONAL banking
institution, [State or national,] and such other
corporations as may be deemed necessary, and may select a
committee to represent them for the purpose of carrying
[such] THE plan into effect.

[Such] THE plan or reorganization shall be filed