1754

LAWS OF MARYLAND

[Ch. 311

KNOWINGLY A VIOLATION OF ANY PROVISION OF THIS SUBTITLE.

REVISOR'S NOTE: This section is new language derived
from the eleventh and twelfth clauses of the
first sentence and the last sentence of Art.
11, §39(a).

6-111. VOLUNTARY LIQUIDATION.

(A)   GENERAL RULE.

A SAVINGS INSTITUTION MAY LIQUIDATE VOLUNTARILY AS
FOLLOWS:

(1)    BY VOTE IN PERSON OR BY PROXY OF
TWO-THIRDS OF THE CORPORATE MEMBERS OF THE SAVINGS
INSTITUTION OR A SIMILAR GOVERNING BODY; OR

(2)    IF THERE IS NO GOVERNING BODY, BY
UNANIMOUS VOTE OF THE BOARD OF DIRECTORS.

(B)   NOTICE BEFORE LIQUIDATION.

(1)    IF THE SAVINGS INSTITUTION VOTES TO
LIQUIDATE, ITS BOARD OF DIRECTORS SHALL GIVE TO THE
COMMISSIONER NOTICE OF THE INTENDED LIQUIDATION,
CERTIFIED UNDER ITS CORPORATE SEAL BY THE PRESIDENT AND
TREASURER OF THE SAVINGS INSTITUTION.

(2)    THE BOARD OF DIRECTORS ALSO SHALL GIVE
NOTICE TO CREDITORS TO PRESENT FOR PAYMENT ANY CLAIM
AGAINST THE SAVINGS INSTITUTION. THE NOTICE SHALL BE
PUBLISHED ONCE EACH WEEK FOR EIGHT CONSECUTIVE WEEKS IN A
NEWSPAPER [[OF GENERAL CIRCULATION]] PUBLISHED IN THE
COUNTY WHERE THE SAVINGS INSTITUTION IS LOCATED.

(C)   STATEMENT OF LIQUIDATION.

AFTER PUBLICATION OF THE NOTICE, THE DIRECTORS SHALL
EXECUTE AND FILE WITH THE COMMISSIONER A STATEMENT THAT
THE SAVINGS INSTITUTION IS LIQUIDATED.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §50.

Subsection (b)(2) of this section is modified
to conform the publication requirements to the
more modern provisions for publication
throughout the Code and, to the extent
possible, to conform the publication
requirements for all banking institutions
under this subtitle.

PART III. STATE BANKS.