2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 6-806 - Assumption of liabilities of another credit union
§6-806.
With the approval of the Commissioner, a credit union may purchase the assets or assume the liabilities of another credit union whether or not the credit unions have the same field of membership type, if:
(1) The other credit union is insolvent or likely to become insolvent;
(2) The purchase or assumption is in the best interest of the membership of the other credit union; and
(3) The purchase or assumption will not adversely affect the financial condition of the credit union that makes the purchase or assumption.
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