A savings and loan association shall become and participate as a member in and have its savings accounts insured by the Maryland Deposit Insurance Fund Corporation or the Federal Savings and Loan Insurance Corporation. If membership in both corporations ceases, the association shall be placed in receivership in accordance with § 9-708 of this title.

Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1985, 1st Sp. Sess., c. 6, § 1, eff. May 18, 1985; Acts 1986, c. 282, § 1, eff. June 1, 1986.

Formerly Art. 23, § 150A.