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§ 10-118. Eligibility of other associations for membership

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2019

West's Annotated Code of Maryland
Financial Institutions
Title 10. State of Maryland Deposit Insurance Fund Corporation (Refs & Annos)
Effective: July 1, 2019
MD Code, Financial Institutions, § 10-118
§ 10-118. Eligibility of other associations for membership
Currentness
Associations that are not major associations
(a)(1) An association that is not a major association and had total assets of at least $15,000,000 but less than $40,000,000 as of May 18, 1985, is not eligible for new or continued membership in the Fund on or after July 1, 1987.
(2) An association that is not a major association and has total assets of less than $15,000,000 or had total assets of less than $15,000,000 as of May 18, 1985, is not eligible for new or continued membership in the Fund on or after July 1, 1989.
Circumstances allowing for membership beyond scheduled termination
(b) Notwithstanding subsection (a)(1) of this section, an association is eligible for continued membership in the Fund beyond its scheduled date of termination, but in no event beyond October 30, 1987, if the Fund Director and the Secretary of Labor find:
(1) The association has made a good faith effort to obtain insurance from the Federal Savings and Loan Insurance Corporation or other federal agency;
(2) There is a substantial likelihood that the association will qualify for federal insurance;
(3) The failure to obtain federal insurance is not attributable to unjustified delay on the part of the association; and
(4) The interest of the savings account holders will not be jeopardized.
Proceedings instituted under Title 9, Subtitle 7
(c) Notwithstanding subsection (a) of this section, if a proceeding has been instituted under Title 9, Subtitle 7 of this article, the association shall remain a member of the Fund until conclusion of the proceedings.

Credits

Added by Acts 1985, 1st Sp. Sess., c. 6, § 3, eff. May 18, 1985. Amended by Acts 1987, c. 424; Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 2019, c. 8, § 5.
MD Code, Financial Institutions, § 10-118, MD FIN INST § 10-118
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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