- (a) The function of the Board is advisory.
(b) The Board shall give the Fund Director sound and impartial advice on:
- (1) The approval or disapproval of applications by a member association;
- (2) The administration of the State of Maryland Deposit Insurance Fund;
- (3) Protection of the interest of the general public and of depositors in member associations; and
- (4) Any other matter concerning the business of member associations.
- (c) If the Fund Director does not follow the advice of the Board, the Fund Director shall send to the Board and the Secretary a written statement of the reason for the action.
Added by Acts 1986, c. 698, § 1, eff. May 27, 1986.