Section 10-103.1 - Advisory function of Board of Directors. - Maryland Statutes

§ 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.]