§ 6-806

Maryland § 6-806

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 6

Text

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.