2016 Maryland Code
Financial Institutions
Title 10 - State of Maryland Deposit Insurance Fund Corporation
§ 10-103.1. Advisory function of Board
(a) In general. -- The function of the Board is advisory.
(b) Nature of advice given Fund Director. -- The Board shall give the Fund Director sound and impartial advice on:
(1) The approval or disapproval of applications by a member association;
(2) The administration of the State of Maryland Deposit Insurance Fund;
(3) Protection of the interest of the general public and of depositors in member associations; and
(4) Any other matter concerning the business of member associations.
(c) Failure of Director to follow advice. -- If the Fund Director does not follow the advice of the Board, the Fund Director shall send to the Board and the Secretary a written statement of the reason for the action.
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