Md. Code, Fin. Inst. § 6-806

Current with changes from the 2024 Legislative Session

Section 6-806 - Assumption of liabilities of another credit union

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.

Md. Code, FI § 6-806