Maryland § 6-805
Full text of Maryland Maryland Code § 6-805, with citation guidance and answers to common questions.
§ 6-805.
(a) Any credit union voluntarily may place its business and assets in the hands of the Commissioner for liquidation as provided in this section.
(b) A majority of the board proposing a voluntary receivership shall:
(1) Adopt a resolution that declares that the voluntary receivership is advisable; and
(2) Set a date for a vote on the proposed voluntary receivership by the members of the credit union at an annual or special meeting of the members or by mail ballot to be filed on or before that date.
(c) The Commissioner, at the request of the board, may:
(1) Waive the vote of the members; and
(2) Substitute any reasonable method of determining the approval by the members.
(d) Unless the Commissioner takes action under subsection (c) of this section, the proposed voluntary receivership shall be approved by the affirmative vote of a majority of the members of the credit union who vote on the proposal.
(e) After the action is approved by the members, the proper officers of the credit union shall certify the action of the members to the Commissioner, and the Commissioner shall post a notice at each office of the credit union that states: “This credit union is in the hands of the Maryland Commissioner of Financial Regulation for liquidation.”
(f) If a credit union is placed in the hands of the Commissioner under this section, the Commissioner shall place the credit union in receivership for liquidation in the same manner as provided for a banking institution under Title 5, Subtitle 6 of this article.
Frequently Asked Questions About Maryland § 6-805
What does Maryland Code § 6-805 cover?
Section 6-805 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 6-805?
A common citation format is "Maryland Code § 6-805" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 6-805 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.