{"data":{"id":"us-md/md.-code-financial-institutions-5-611","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 5–611","heading":"","body":"(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:\n(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\n(2) Choose a committee to represent them to carry out the plan.\n(b) (1) The plan for reorganization of a commercial bank may provide for:\n(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;\n(ii) The sale of additional authorized stock;\n(iii) The voluntary subscription or contribution by depositors and creditors to a guaranty fund; and\n(iv) Any other protection for the depositors and creditors.\n(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.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=5-611","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"24ae7e89d04829e10a0c80ef46674813a1edd40323fc4b8ae4bbc50af5fd4afe","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-5-610","next":"us-md/md.-code-financial-institutions-5-612"},"notice":"GroundRules: Original legal text. Not legal advice."}