Maryland § 5-611

§ 5-611.

    (a)    The board of directors or the depositors representing not less than 25 percent of the deposit liability of any banking institution that is in the possession of a receiver may:

        (1)    Propose a plan of reorganization for the reorganization and reopening of the banking institution or for the establishment of a new State banking institution, national banking association, or other corporation that they consider necessary; and

        (2)    Choose a committee to represent them to carry out the plan.

    (b)    (1)    The plan for reorganization of a commercial bank may provide for:

            (i)    The voluntary surrender or exchange of all or part of the outstanding capital stock of the commercial bank and the resale of that stock;

            (ii)    The sale of additional authorized stock;

            (iii)    The voluntary subscription or contribution by depositors and creditors to a guaranty fund; and

            (iv)    Any other protection for the depositors and creditors.

        (2)    The plan for reorganization of a savings bank may provide only for the voluntary subscription or contribution by depositors and creditors to a guaranty fund.