(a) The board of directors of any banking institution may place the banking institution, including its property, records, and business, in the hands of the Commissioner by posting on the front door of each banking office of the institution a notice that states: “This institution is in the hands of the Maryland Commissioner of Financial Regulation”.
(b) The banking institution immediately shall notify the Commissioner of its action, and the Commissioner immediately shall take possession of the institution.
Structure Maryland Statutes
Title 5 - Banking Institutions -- General Provisions
Section 5-601 - When Commissioner May Take Charge -- Banking Institutions
Section 5-602 - When Commissioner May Take Charge -- Commercial Banks
Section 5-602.1 - When Commissioner May Take Charge -- Nondepository Trust Company
Section 5-603 - Effect of Possession by Commissioner
Section 5-604 - Notice of Possession by Commissioner
Section 5-604.1 - Payment of Expenses Related to Possession of Nondepository Trust Company
Section 5-605 - Appointment of Receiver
Section 5-606 - Powers and Duties of Receiver
Section 5-607 - Deposits Made by Receiver
Section 5-609 - Report of Commissioner to Court
Section 5-610 - Commissioner May Permit Reopening
Section 5-611 - Plan of Reorganization -- Proposal
Section 5-613 - Plan of Reorganization -- Consent of Political Subdivisions
Section 5-614 - Rights of Federal Deposit Insurance Corporation
Section 5-615 - Preference for Property Held in Fiduciary Capacity