2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 6-805 - Voluntary receivership

§6-805.

(a) Any credit union voluntarily may place its business and assets in the hands of the Commissioner for liquidation as provided in this section.

(b) A majority of the board proposing a voluntary receivership shall:

(1) Adopt a resolution that declares that the voluntary receivership is advisable; and

(2) Set a date for a vote on the proposed voluntary receivership by the members of the credit union at an annual or special meeting of the members or by mail ballot to be filed on or before that date.

(c) The Commissioner, at the request of the board, may:

(1) Waive the vote of the members; and

(2) Substitute any reasonable method of determining the approval by the members.

(d) Unless the Commissioner takes action under subsection (c) of this section, the proposed voluntary receivership shall be approved by the affirmative vote of a majority of the members of the credit union who vote on the proposal.

(e) After the action is approved by the members, the proper officers of the credit union shall certify the action of the members to the Commissioner, and the Commissioner shall post a notice at each office of the credit union that states: “This credit union is in the hands of the Maryland Commissioner of Financial Regulation for liquidation.”

(f) If a credit union is placed in the hands of the Commissioner under this section, the Commissioner shall place the credit union in receivership for liquidation in the same manner as provided for a banking institution under Title 5, Subtitle 6 of this article.