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4086
EXECUTIVE ORDERS
01.01.1985.30
FIRST MARYLAND SAVINGS AND LOAN ASSOCIATION
EXTENSION OF TEMPORARY CESSATION OF WITHDRAWALS
WHEREAS, Chapter 1 of the Laws of the 1985 Extraordinary Session
of the General Assembly provides broad authority to the
Governor to effectively manage any emergency situation in a
savings and loan association; and
WHEREAS, An emergency exists with respect to First Maryland
Savings and Loan Association, in that the welfare of
depositors is threatened by an actual or impending
impairment of liquidity; and
WHEREAS, The emergency with respect to First Maryland Savings and
Loan Association cannot be managed solely under the terms
and conditions set forth in Executive Order 01.01.1985.11
(May 21, 1985), as amended; and
WHEREAS, Effective at 5:00 p.m. on August 23, 1985 Executive
Order 01.01.1985.23 was issued temporarily prohibiting
withdrawals for a sixty-day period from any depositor's
account at First Maryland Savings and Loan Association; and
WHEREAS, First Maryland Savings and Loan Association had entered
into negotiations with an out-of-state bank holding company
for its acquisition, which negotiations have been
terminated; and
WHEREAS, First Maryland Savings and Loan Association is now
pursuing efforts to obtain federal insurance as required by
law; and
WHEREAS, An additional period of time is required to determine
whether federal insurance will be available to First
Maryland Savings and Loan Association;
NOW, THEREFORE, I, HARRY HUGHES, GOVERNOR OF THE STATE OF
MARYLAND, BY VIRTUE OF THE AUTHORITY VESTED IN ME BY THE
CONSTITUTION AND LAWS OF MARYLAND, INCLUDING BUT NOT LIMITED
TO ARTICLE 41, §§ 15B, 15B-2, AND 15B-3, HEREBY AMEND
EXECUTIVE ORDER 01.01.1985.23 AS FOLLOWS:
(2) Accounts in First Maryland in which a
depositor has incurred a debt to First
Maryland before 4:47 p.m., May 14, 1985,
provided that the withdrawal is applied
exclusively to the satisfaction, in whole
or in part, of the debt to First Maryland.
[(e)] (D) Notwithstanding the provisions of paragraph
(b) of this Order, subject to [review]
APPROVAL by the [Acting] Fund Director of
the State of Maryland Deposit Insurance
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