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§ 10-112. Withdrawal of membership

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 10. State of Maryland Deposit Insurance Fund Corporation (Refs & Annos)
MD Code, Financial Institutions, § 10-112
§ 10-112. Withdrawal of membership
Currentness
Membership upon approval by Fund Director
(a) An association becomes a member when its application is approved by the Fund Director.
Return of capital
(b) Subject to the terms and conditions adopted by the Fund Director, a member association may withdraw at any time from the Fund and have returned all or part of any capital advanced to the State of Maryland Savings-Share Insurance Corporation and all or part of any capital deposit required for membership in the Fund. All moneys and other assets of the former Maryland Savings-Share Insurance Corporation Central Reserve Fund shall continue to be segregated and maintained by the Fund to provide liquidity and are not subject to any insurance claim.
Net earnings of Fund for benefit of State
(c) The net earnings of the Fund shall be accumulated for the benefit of the State and may not be returned to any member association.

Credits

Added by Acts 1985, 1st Sp. Sess., c. 6, § 3, eff. May 18, 1985. Amended by Acts 1985, 1st Sp. Sess., c. 9; Acts 1986, c. 5, § 1; Acts 1986, c. 698, § 1, eff. May 27, 1986.
MD Code, Financial Institutions, § 10-112, MD FIN INST § 10-112
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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