Maryland Statutes
§ 5-509
Maryland § 5-509
This text of Maryland § 5-509 is published on Counsel Stack Legal Research, covering Maryland primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Md. Code Ann., Financial Institutions § 5-509 (2026).
Text
(a)Each banking institution shall be a member of the Federal Deposit Insurance Corporation unless the institution is not in the business of accepting deposits or retaining funds in a deposit account. A banking institution is not in the business of accepting deposits if it accepts a deposit as a trustee or custodian and is not in the business of retaining deposits if the deposits do not remain in a deposit account of the institution for more than two consecutive banking days. Any institution which is not in the business of accepting deposits or retaining funds in a deposit account as defined in this section shall not be bound by the provisions of § 5–403(c)(2) of this title.
(b)If approved by a majority of its directors, a banking institution may:
(1)Become and par
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Bluebook (online)
Maryland § 5-509, Counsel Stack Legal Research, https://law.counselstack.com/statute/md/gfi/5-509.