§ 10-117. Eligibility of major association for membership
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 10-117
§ 10-117. Eligibility of major association for membership
(a) A major association is not eligible for new or continued membership in the Fund on or after June 1, 1985, unless it qualifies under subsection (b) of this section.
(b) A major association may remain a member of the Fund only under the following circumstances:
(2) Whether or not the major association has applied for federal insurance, it may remain a member for a period after June 1, 1985, of not more than 1 year, as determined by the Fund Director, if it is owned or controlled, directly or indirectly, by an institution that is insured by the Federal Savings and Loan Insurance Corporation or the Federal Deposit Insurance Corporation and if that institution:
(c)(1) If, at any time, the Fund Director determines that an association is being operated in an unsafe and unsound manner, or that there is not a substantial likelihood that a major association will qualify for federal insurance and that it is in the public interest, the Fund Director may exercise all of the powers of the Board of Savings and Loan Commissioners under Title 9, Subtitle 7 of this article to institute proceedings for the appointment of a conservator or a receiver.
(3) Notwithstanding subsection (a) of this section, a savings and loan association, the savings accounts of which are insured by the Maryland Savings-Share Insurance Corporation on May 16, 1985, that is a subsidiary of a corporation that owns another savings and loan association incorporated in another state, may continue to be insured by the Fund until July 1, 1987.
Credits
Added by Acts 1985, 1st Sp. Sess., c. 6, § 3, eff. May 18, 1985. Amended by Acts 1985, 1st Sp. Sess., c. 9.
MD Code, Financial Institutions, § 10-117, MD FIN INST § 10-117
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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