1770 LAWS OF MARYLAND. [CH. 719

the election and qualification of successors; to have charge
of the investment of funds of the corporation except loans
to members and to perform such other duties as the members
may from time to time authorize.

(b) The officers elected by the Board of Directors may
receive such compensation as the members may authorize.
The members of the Board of Directors and the members
of the Credit and Supervisory Committees may receive such
compensation as the members may authorize subject to the
final approval of the State Bank Commissioner.

142. (a) A credit union may loan to its members for
such purposes, and upon such security and terms as the by-
laws shall provide, and the credit committee may approve,
but security need not be taken for any loan of three hundred
dollars ($300.00) or less, or for the sum of three hundred
dollars ($300.00) in any case where the loan is in excess of
said amount.

(b) An endorsed note, or a note secured by a duly recorded
lien upon unencumbered real or leasehold property, or the as-
signment of shares and deposits in the credit union, may be
deemed security by the credit committee within the meaning
of this sub-title. No member of the board of directors, credit
committee or the supervisory committee shall directly or
indirectly borrow from or become security for a loan or ad-
vance made by the corporation, in excess of the total of his
shares and deposits, or in excess of the total of paid in shares
and deposits held by him and his co-makers in said credit
union, unless said loan shall have been approved at a regu-
larly called meeting of the membership of the corporation
by a majority vote of those present and represented at said
meeting, and unless the call for the meeting contained notice
of the fact that such loan would be discussed at said meeting.

(c) All officers and members of committees in any way
knowingly permitting or participating in making a loan of
funds of a credit union to a non-member thereof shall be
guilty of a misdemeanor. The credit union shall have the
right to recover the amount of said illegal loans from the
borrower or from any officer or member of committees who
knowingly permitted or participated in the making thereof,
or from them all jointly. The supervisory committee shall
appoint a substitute to act on the credit committee in the
place of any member, in case such member makes application
to borrow money from the credit union or to become surety
for any other member, whose application for a loan is under
consideration. A borrower may repay the whole or any