§ 10-103.1. Advisory function of Board

Latest version.

   (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.

HISTORY: 1986, ch. 698; 2010, ch. 72, § 5.

                    
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