HARRY HUGHES, Governor

77

CHAPTER 4

(House Bill 9)

AN ACT concerning

The State of Maryland Deposit Insurance Fund
Corporation - Depositor Plans

FOR the purpose of clarifying the legal authority of the State of
Maryland Deposit Insurance Fund Corporation to establish
hardship or similar depositor plans at savings and loans
associations insured by it; authorizing the payment from the
Maryland Deposit Insurance Fund to a receiver of any member
association in receivership at the time of final
distribution of 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 certain hardship withdrawal plans or
partial distribution of assets having certain court
approval; establishing a certain policy of this State with
regard to hardship withdrawal plans or partial distribution
of assets; making this Act an emergency measure; and
generally relating to hardship withdrawal plans or partial
distribution of assets at certain savings and loan
associations.

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section 10-110 and 10-116
Annotated Code of Maryland
(1980 Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

10-110.

(a) (1) The moneys of the Maryland Deposit Insurance Fund
Corporation shall be maintained in a special nonlapsing fund, to
be called the "Maryland Deposit Insurance Fund".

(2) The Fund Director shall administer the Maryland
Deposit Insurance Fund for the purposes of:

(i) Insuring the savings accounts of member
associations;