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LAWS OF MARYLAND

Ch. 11

CHAPTER 11

(House Bill 905)

AN ACT concerning

Savings and Loan Associations -
Conservatorships and Receiverships

FOR the purpose of providing that the approval of the
shareholders or members of savings and loan associations for
which a receiver has been appointed of a plan of
consolidation, merger, conversion, or acquisition is not
required under certain circumstances; granting the Director
of the State of Maryland Deposit Insurance Fund Corporation
the authority to make certain determinations as to the
obligations of an out-of-state bank holding company
acquiring a savings and loan association; clarifying the
authority of an out-of-state bank holding company to merge
with or acquire a Maryland bank holding company under
certain circumstances; clarifying the law with regard to the
timing of certain determinations regarding savings deposit
accounts or savings share accounts; clarifying the authority
of a receiver of certain savings and loan associations to
exercise certain powers relating to the liquidation of
associations; establishing certain procedures regarding the
payment of claims; permitting equitable subordination of
claims; providing for the applicability of certain rules;
granting a court administering a receivership or
conservatorship certain jurisdiction and powers; granting
the Court of Appeals certain exclusive jurisdiction to
consider appeals on an expedited basis; requiring the Bank
Commissioner to monitor and submit a certain annual report
on each merger, conversion, or acquisition of a savings and
loan association by an out-of-state bank holding company
under the emergency interstate acquisitions procedures;
providing for certain review; authorizing the Director of
the State of Maryland Deposit Insurance Fund Corporation to
make certain payments to and indemnify certain insured
institutions; making this Act an emergency measure; defining
certain terms; providing for the applicability of this Act;
and generally relating to conservatorships and receiverships
of savings and loan associations in this State.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 5-1101(b), 5-1101.1, 5-1102, and 5-1107

Annotated Code of Maryland

(1980 Volume and 1985 Supplement)

(As enacted by Chapter 3 of the Acts of the

Second Special Session of the General Assembly of 1985)

BY repealing and reenacting, with amendments,