170

LAWS OF MARYLAND

Ch. 11

(VII) MAKING PAYMENTS TO ANY INSURED
INSTITUTION THAT ASSUMES SAVINGS DEPOSIT OR SHARE ACCOUNT
LIABILITIES OF A SAVINGS AND LOAN ASSOCIATION IN RECEIVERSHIP IN
AN AMOUNT UP TO THE TOTAL AMOUNT OF THE LIABILITIES ASSUMED AND
WITH RESPECT TO ANY SPECIFIC DEPOSIT OR SHARE ACCOUNT NOT IN
EXCESS OF THE AMOUNT OF INSURANCE ON THE DEPOSIT OR SHARE
ACCOUNT, AND AGREEING TO INDEMNIFY ANY INSURED INSTITUTION THAT
ASSUMES THESE LIABILITIES AGAINST ANY FURTHER LIABILITIES TO THE
EXTENT DEEMED APPROPRIATE BY THE FUND DIRECTOR BUT NOT TO EXCEED
THE ASSETS OF THE FUND.

(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 OR THE MAKING OF A PAYMENT OR AGREEING TO AN
INDEMNIFICATION UNDER PARAGRAPH (2)(VII) OF THIS SUBSECTION at
least 21 days before the action regarding the capital
contribution , PAYMENT OR AGREEMENT TO INDEMNIFY is taken.

(ii) The Legislative Policy Committee shall

assign the proposed action by the Fund Director regarding the

making of a capital contribution , PAYMENT OR AGREEMENT TO

INDEMNIFY 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.

(b) The amount of loss to be protected against for each
depositor may not exceed the limit established from time to time
by the rules and regulations of the Fund. This limit may not
exceed the amount of federal insurance.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act by its
terms applies to all claims, actions, and proceedings brought by
any person or entity that are related to the assets, property,
powers, rights, privileges, duties and liabilities of a savings
and loan association, including its subsidiaries, affiliates or
holding company, that is in conservatorship or receivership on or
after the effective date of this Act.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
all the members elected to each of the two Houses of the General