HARRY HUGHES, Governor

121

with, or acquiring assets and assuming obligations of, member
associations, if the Fund Director determines that:

1.  The amount of the capital contribution
is substantially less than the cost that the Fund would incur if
the member association were liquidated, including the cost of
reimbursing each savings account holder in the insured amount of
each savings account holder's deposit in the liquidated member
association; and

2.  The making of the capital contribution
is necessary to facilitate the acquisition, consolidation, or
mergers or transfers of assets and obligations; and

(vi) Paying to a receiver of any member
association in receivership under § 9-708 of this article at the
time of final distribution of the assets of the member
association a sum equal to the amount that the insurance
liability of the Fund has been reduced by reason of withdrawals
made during the pendency of a conservatorship or receivership of
the member association under any form of hardship withdrawal plan
or partial distribution of assets approved by the court having
jurisdiction over the receivership of the member association.

(3)  (i) Notwithstanding any other provision in this
section, the Fund Director shall notify the Legislative Policy
Committee of any proposed action by the Fund Director regarding
the making of a capital contribution under paragraph (2)(v) of
this subsection at least 21 days before the action regarding the
capital contribution is taken.

(ii) The Legislative Policy Committee shall

assign the proposed action by the Fund Director regarding the

making of a capital contribution for review by the appropriate
standing committees.

(4)  Any agreement specifying the terms and conditions
of a capital contribution under this section shall retain all
claims that the Fund may have against officers, directors,
employees, or agents of any acquired savings and loan
association. The Fund may condition the exercise of those claims
only to the extent deemed necessary for the protection of the
public interest and welfare and may provide for an
indemnification for reasonable expenses.

10-112.

(b) Subject to the terms and conditions adopted by the Fund

Director and approved by the Board, 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