Section 9-1107 – Effective Date of Conversion
(a) On approval of the application for conversion, the applicant shall file an endorsed copy of the application with the State Department of Assessments and Taxation. (b) The mutual association becomes a credit union when the application and endorsed amended articles and bylaws by the State Department of Assessments and Taxation accepts the application for record. (c) The […]
Section 10-112 – Membership — Effective Upon Approval; Withdrawal; Accumulated Earnings Retained
(a) An association becomes a member when its application is approved by the Fund Director. (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 […]
Section 9-1108 – Changes in Application or Exhibits; Actions of Commissioner Upon Approval or Denial of Application
(a) The Commissioner may require any changes to the application or exhibits that the Department considers necessary. (b) If the application for conversion is denied, the Commissioner shall endorse and date a copy of the application “denied”, return it to the mutual association, and certify this action to the State of Maryland Deposit Insurance Fund Corporation. (c) If […]
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 9-1007 – Powers of Division Director
(a) The Division Director may enter into cooperative agreements with any other savings and loan regulatory unit to facilitate the regulation of savings and loan associations and savings and loan holding companies doing business in this State. (b) The Division Director may accept reports of examinations and other records from any other unit instead of conducting its […]
Section 9-1008 – Purpose; Nonseverability; Monitoring and Reporting
(a) It is the purpose of this subtitle to permit orderly development of savings and loan association operations on a regional reciprocal basis. It is not the purpose of this subtitle to authorize interstate savings and loan association operations on any basis other than as provided in this subtitle. (b) Except as provided in subsection (c) of […]