§ 6-806. Assumption of liabilities of another credit union

MD Fin Inst Code § 6-806 (2019) (N/A)
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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.