Section 9-913 – Criminal Penalties
(a) Except as otherwise provided in this section and in this title, any violation of any provision of this title or any regulation adopted in accordance with this title by a director, officer, controlling person, or employee of an association is punishable by a fine not to exceed $10,000, or imprisonment in the penitentiary for not […]
Section 9-1103 – Meeting of Members
(a) If a mutual association wishes to convert to a credit union, the board of directors of the mutual association shall call a meeting of the members of the mutual association for the purpose of considering the proposal to convert. (b) The mutual association shall give notice of the meeting as provided in Title 2, Subtitle 5 […]
Section 9-914 – Withdrawing Funds From Failing Institution
(a) A controlling person, officer, or director may not withdraw funds or cause his funds or those of his immediate family or any other depositor to be withdrawn knowing that due to financial difficulties the association is about to suspend operations or go into conservatorship, receivership, reorganization, or liquidation. (b) Any controlling person, officer, or director who […]
Section 9-1104 – Member Approval
A proposed plan of conversion to a credit union shall be approved by a majority vote of the total number of votes eligible to be cast by the members of the mutual association.
Section 9-915 – Scope of Judicial Review
(a) In any appeal of an order of the Division Director under this title or Title 8 of this article, the Division Director shall be considered a party and has the right to appeal any decision to the Court of Special Appeals or petition the Court of Appeals for a writ of certiorari. (b) Whether or not […]
Section 9-916 – Indemnification Prohibition
Notwithstanding any provision of law, a savings and loan association, holding company, or subsidiary may not indemnify any person who is fined under any criminal penalty provision of this title or Title 8 of this article or subject to any civil penalty under this title or Title 8 of this article.
Section 9-917 – Rules of Construction
In the interpretation and construction of this title and Title 8 of this article: (1) A reference to a statute or to a regulation issued by a government agency includes the statute or regulation with all amendments and supplements to the statute and any new statute or regulation substituted for such statute or regulation, as in […]
Section 9-918 – Receiverships Effective June 1, 1992
On June 1, 1992 any savings and loan association that is chartered under the provisions of this title shall be placed in receivership in accordance with § 9-708 of this title.
Section 9-1002 – Scope of Subtitle
(a) This subtitle sets forth the conditions under which an out-of-state association or out-of-state savings and loan holding company may acquire a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out-of-state savings and loan holding company having a Maryland association subsidiary. (b) This subtitle does not authorize any acquisition other than […]
Section 9-1003 – Acquisition by Out-of-State Savings and Loan Holding Company
(a) (1) An out-of-state savings and loan holding company not having a Maryland association subsidiary is authorized to acquire a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out-of-state savings and loan holding company having a Maryland association subsidiary, if the out-of-state savings and loan holding company and entity being acquired: […]