304 LAWS OF MARYLAND. [CH. 178

CHAPTER 178.

AN ACT to repeal and re-enact, with amendments, Sections
100, 101, 109, 116 and 119 of Article 11 of the Annotated
Code of Public General Laws of Maryland, 1935 Supple-
ment, title "Banks and Trust Companies", sub-title "Credit
Unions", relating to the organization of credit unions, the
election of officers thereof, the duties of directors thereof, the
restrictions on loans to members thereof and the declaration
of dividends thereby.

SECTION 1. Be it enacted 'by the General Assembly of Mary-
land, That Sections 100, 101, 109, 116 and 119 of Article 11
of the Annotated Code of Public General Laws of Maryland,
1935 Supplement, title "Banks and Trust Companies", sub-title
"Credit Unions", be and the same are hereby repealed and re-
enacted, with amendments, so as to read as follows:

100. Any seven or more persons, residents of the State of
Maryland may apply to the Bank Commissioner for permission
to organize a credit union by signing and acknowledging in
triplicate a certificate of organization and entering into arti-
cles of agreement in which they bind themselves to comply
with its requirements and with all laws, rules and regulations
applicable to credit unions. The certificate of organization
shall contain:

(1) The name of the proposed credit union.

(2) A statement that incorporation is desired under this
sub-title.

(3) The par value of shares, which shall not exceed ten
dollars.

(4) The city, town or village in which the office of the
credit union is to be located.

(5) The names and addresses of the subscribers to the cer-
tificate and a statement of the number of shares of stock sub-
scribed by each.

101. At the time of filing the certificate of organization
with the Bank Commissioner the incorporators shall submit in
triplicate, sets of by-laws (with acknowledgment of their
adoption by the incorporators) which shall provide:

(1) The name of the corporation, its purpose and the quali-
fications for membership.

(2) The date of the annual meeting, the manner of notifica-
tion of meetings and of conducting the same, the number of
members constituting a quorum and regulations as to voting.

(3) The number of members of the board of directors, which
shall not be less than five, the number of members of the