# Financial Institutions (GFI)

## Title 5. Banking Institutions -- General Provisions

### Subtitle 6. Reorganizations

#### Section 5-611

(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.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)