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§ 5-611. Plan of reorganization -- Proposal

MD Fin Inst Code § 5-611 (2019) (N/A)
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(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.

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§ 5-612. Plan of reorganization -- Filing for approval; notice to creditors; objections to plan; withdrawal