(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 participate as a member of the Federal Reserve System; or
(2) Withdraw from the system.
Structure Maryland Statutes
Title 5 - Banking Institutions -- General Provisions
Subtitle 5 - Miscellaneous Regulations
Section 5-503 - Investment in Real Property and Furnishings
Section 5-504 - Additional Banking Activities and Bank-Related Services Authorized
Section 5-506 - Financial Information From Certain Borrowers
Section 5-507 - Notice of Rejection of Application for Residential Mortgage
Section 5-508 - Elimination of Mortgage Insurance Charge When Principal Reduced
Section 5-509 - Federal Deposit Insurance Corporation and Reserve System Memberships
Section 5-511 - Multiple Directorships
Section 5-512 - Loans to Directors, Officers, or Employees
Section 5-513 - Return of Checks for Customers With Truncated Checking Accounts