2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 5-601 - When Commissioner may take charge -- Banking institutions
§5-601.
(a) The board of directors of any banking institution may place the banking institution, including its property, records, and business, in the hands of the Commissioner by posting on the front door of each banking office of the institution a notice that states: “This institution is in the hands of the Maryland Commissioner of Financial Regulation”.
(b) The banking institution immediately shall notify the Commissioner of its action, and the Commissioner immediately shall take possession of the institution.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
