Md. Code, Financial Institutions § 5-601
This is the official text of Md. Code, Financial Institutions § 5-601, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§5–601.
Official statutory text
(a) The board of directors of any banking institution may place the banking institution, including its property, records, and business, in the hands of the Commissioner by posting on the front door of each banking office of the institution a notice that states: “This institution is in the hands of the Maryland Commissioner of Financial Regulation”.
(b) The banking institution immediately shall notify the Commissioner of its action, and the Commissioner immediately shall take possession of the institution.
(b) The banking institution immediately shall notify the Commissioner of its action, and the Commissioner immediately shall take possession of the institution.
Status: in_force · Read it on the official government site
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