Section 9-1109 – Membership
In addition to membership authorized in § 6-302 of this article, a credit union resulting from a conversion under this subtitle may permit individuals who, at the time of conversion, are members, savings account holders, directors, officers, employees, or borrowers of a mutual association, to become members of the resulting credit union.
Section 10-102 – Corporation Established
There is a State of Maryland Deposit Insurance Fund Corporation in the Maryland Department of Labor.
Section 10-103 – Appointment, Term, and Powers of Fund Director; Board of Directors
(a) The Fund Director is appointed by the Governor. (b) The Fund Director serves at the pleasure of the Secretary of Labor. (c) For a period of 2 years after termination of employment with the Fund, if the Fund Director is employed by a savings and loan association that is insured by the Fund, or becomes a director, […]
Section 10-103.1 – Advisory Function of Board
(a) The function of the Board is advisory. (b) The Board shall give the Fund Director sound and impartial advice on: (1) The approval or disapproval of applications by a member association; (2) The administration of the State of Maryland Deposit Insurance Fund; (3) Protection of the interest of the general public and of depositors in member associations; and (4) Any […]
Section 10-104 – Employees
(a) The Fund Director may employ a staff in accordance with the State budget. The Fund Director and staff of the Fund are entitled to the salaries provided in the State budget. These salaries are not subject to the authority of the Secretary of Budget and Management. (b) Technical and professional employees are special appointments in the […]
Section 10-105 – Authority of Secretary
The Fund Director exercises powers and performs duties subject to the authority of the Secretary of Labor.
Section 10-106 – Official Seal
The Fund Director shall adopt an official seal. A description and impression of the seal shall be filed with the Secretary of State.
Section 10-107 – Fund Director to Devote Full Time to Duties of Fund
The Fund Director shall devote full time to the duties of the Fund.
Section 10-108 – Conflicts of Interest — in General
(a) The Fund Director may not: (1) Be an officer or director of any State or federal savings and loan association; or (2) Engage in any other business relating to financial institutions. (b) (1) The Fund Director may not own stock or be a depositor in any member association. (2) The employees of the Fund may not own stock in any […]
Section 10-109 – Conflicts of Interest — Other Prohibited Activities
(a) Except as provided in subsection (b) of this section, the Fund Director and employees of the Fund may not: (1) Become indebted to any member association; or (2) Engage or be interested in the sale of securities of or in the negotiation of loans for others to or with any member association. (b) This section does not apply […]