(a) An association becomes a member when its application is approved by the Fund Director.
(b) Subject to the terms and conditions adopted by the Fund Director, a member association may withdraw at any time from the Fund and have returned all or part of any capital advanced to the State of Maryland Savings-Share Insurance Corporation and all or part of any capital deposit required for membership in the Fund. All moneys and other assets of the former Maryland Savings-Share Insurance Corporation Central Reserve Fund shall continue to be segregated and maintained by the Fund to provide liquidity and are not subject to any insurance claim.
(c) The net earnings of the Fund shall be accumulated for the benefit of the State and may not be returned to any member association.
Structure Maryland Statutes
Title 10 - State of Maryland Deposit Insurance Fund Corporation
Section 10-102 - Corporation Established
Section 10-103 - Appointment, Term, and Powers of Fund Director; Board of Directors
Section 10-103.1 - Advisory Function of Board
Section 10-105 - Authority of Secretary
Section 10-106 - Official Seal
Section 10-107 - Fund Director to Devote Full Time to Duties of Fund
Section 10-108 - Conflicts of Interest -- in General
Section 10-109 - Conflicts of Interest -- Other Prohibited Activities
Section 10-110 - State of Maryland Deposit Insurance Fund
Section 10-110.1 - Final Determination of Insurable Loss
Section 10-110.2 - Advances by State to Fund; Money Recovered by Fund
Section 10-111 - Membership -- Applications; Certification by Division Director
Section 10-112 - Membership -- Effective Upon Approval; Withdrawal; Accumulated Earnings Retained
Section 10-113 - Rules and Regulations; Withdrawal From Fund
Section 10-114 - Exchange of Information
Section 10-115 - Application of State Insurance Laws
Section 10-116 - Appropriation Policy
Section 10-117 - Eligibility for Membership -- Major Associations
Section 10-118 - Eligibility for Membership -- Other Associations