Maryland Financial Institutions 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.