§ 5–611
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 5-611 (2026)
Title 5. Banking Institutions -- General Provisions
Subtitle 6. Reorganizations
§ 5–611LinkCopy Citation
(a)
The board of directors or the depositors representing not less than 25 percent of the deposit liability of any banking institution that is in the possession of a receiver may:
(1)
Propose a plan of reorganization for the reorganization and reopening of the banking institution or for the establishment of a new State banking institution, national banking association, or other corporation that they consider necessary; and
(2)
Choose a committee to represent them to carry out the plan.
(b)
(1)
The plan for reorganization of a commercial bank may provide for:
(i)
The voluntary surrender or exchange of all or part of the outstanding capital stock of the commercial bank and the resale of that stock;
(ii)
The sale of additional authorized stock;
(iii)
The voluntary subscription or contribution by depositors and creditors to a guaranty fund; and
(iv)
Any other protection for the depositors and creditors.
(2)
The plan for reorganization of a savings bank may provide only for the voluntary subscription or contribution by depositors and creditors to a guaranty fund.