State Codes and Statutes
Statutes > Maryland > Financial-institutions > Title-10 > 10-103-1§ 10-103.1. Advisory function of Board of Directors.
(a) In general.- The function of the Board of Directors is advisory.
(b) Nature of advice given Fund Director.- The Board of Directors 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 of Directors, the Fund Director shall send to the Board of Directors and the Secretary a written statement of the reason for the action.
[1986, ch. 698.]
