WM. PRESTON LANE, JR., GOVERNOR. 1769

Act, be and they are hereby repealed to the extent of such
inconsistency.

SEC. 4. And be it further enacted, That this Act shall take
effect June 1, 1947.

Approved April 25, 1947.

CHAPTER 719.
(House Bill 287)

AN ACT to repeal and re-enact, with amendments, Sections
135 and 142 of Article 11 of the Annotated Code of Mary-
land (1939 Edition and 1943 Supplement), title "Banks
and Trust Companies", sub-title "Credit Unions", relating
to compensation of directors, officers and members of credit
unions and loans which may be made to members of credit
unions.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 135 and 142 of Article 11 of the Annota-
ted Code of Maryland (1939 Edition and 1943 Supplement),
title "Banks and Trust Companies", sub-title "Credit Unions",
be and they are hereby repealed and re-enacted, with amend-
ments, to read as follows:

135. (a) At their first meeting in each fiscal year the
Board of Directors shall elect from their own number a
president, vice-president, secretary and treasurer, who shall
be the executive officers of the corporation. If the by-laws
so provide an assistant secretary or an assistant treasurer or
both may be appointed by the board. The offices of secre-
tary and treasurer may, if the by-laws so provide, be held by
one person. The board of directors shall have the general
management of the affairs, funds and records of the corpora-
tion and shall meet as often as may foe necessary. It shall
be the special duty of the directors: (a) To act upon all
applications for membership and the expulsion of members;
to fix the amount of the surety bond which shall be required
of each officer having the custody of funds, (b) To determine
interest rates and fix the maximum number of shares which
may he held by and the maximum amount which may be
loaned to any one member; to declare dividends and to recom-
mend amendments to the by-laws, (c) To fill vacancies
in the board of directors or in the credit committee until