Maryland Code, FINANCIAL INSTITUTIONS 7-205
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 7-205
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) Is trustworthy and reputable;
(2) Has a good business reputation;
(3) If domiciled outside the State, is currently licensed and authorized to engage in the credit union share guaranty business in its state of domicile;
(4) Has and will maintain retained earnings or equity capital of at least $5,000,000, computed in accordance with generally accepted accounting principles;
(5) Is in compliance with:
(i) Its charter and this subtitle; and
(ii) If domiciled outside the State, all laws and regulations applicable to credit union share guaranty corporations in its state of domicile;
(6) Will conduct the credit union share guaranty business in the State in a manner that will adequately protect the share and deposit accounts of its participating credit unions; and
(7) Will maintain reserves for guaranty losses in compliance with § 7-217 of this subtitle.
(b) A person may not be authorized to engage in the credit union share guaranty business in the State if the person has or uses a name that is so similar to the name of a credit union share guaranty corporation already issued a certificate of authority under this subtitle as to tend to cause uncertainty or confusion or to deceive or mislead.