§ 5-801. Removal of officer or director
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2019
Effective: July 1, 2019
MD Code, Financial Institutions, § 5-801
§ 5-801. Removal of officer or director
(a) If the Commissioner believes that a director or officer of a banking institution has engaged in an unsafe or unsound banking practice, the Commissioner shall send a warning to the director or officer.
(b)(1) If the Commissioner finds that the director or officer has continued to engage in the unsafe or unsound practice, the Commissioner may report the facts to the Secretary of Labor and the Attorney General.
(c)(1) After giving the officer or director an opportunity to be heard, if the Commissioner finds that the unsafe or unsound practice continued after the warning, the Commissioner with the approval of the Secretary of Labor may remove the officer or director.
Credits
Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1983, c. 563; Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2011, c. 332, § 4, eff. July 1, 2011; Acts 2019, c. 8, § 5.
Formerly Art. 11, § 11.
MD Code, Financial Institutions, § 5-801, MD FIN INST § 5-801
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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