Section 6-806 - Assumption of liabilities of another credit union. - Maryland Statutes

§ 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. 
 

[2001, ch. 147, § 1; ch. 148, § 1.]