Bill > H1032

This bill amends the existing laws to allow for expedited liquidation procedures when a mutual bank or stock bank is dissolved and its assets and liabilities are sold to and assumed by a bank in mutual form or a credit union. Specifically, it allows for the immediate dissolution of the mutual bank or stock bank after the sale and assumption of liabilities, as long as any remaining liabilities will be handled through the standard liquidation procedures. Additionally, the bill enables a credit union to purchase the assets and assume the deposit liabilities of a mutual bank or stock bank, with the depositors becoming members of the credit union within two years or a longer period approved by the commissioner.

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https://malegislature.gov/Bills/193/H1032