306 LAWS OF MARYLAND. [CH. 178

to declare dividends and to recommend amendments to the
by-laws, (c) To fill vacancies in the board of directors or in
the credit committee until the election and qualification of suc-
cessors; to have charge of the investment of funds of the cor-
poration except loans to members and to perform such other
duties as the members may from time to time authorize.

Members of the board of directors and of the credit and
supervisory committees shall, as such, serve without compen-
sation. The officers elected by the board of directors may re-
ceive such compensation as the members may authorize.

116. 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 secu-
rity need not be taken for any loan of fifty dollars ($50. 00)
or less, or for the sum of fifty dollars ($50. 00) in any case
where the loan is in excess of said amount.

An endorsed note or a confessed judgment note signed by the
owner of unemcumbered real or leasehold property, not to ex-
ceed three hundred dollars ($300. 00) or the assignment 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 advance made by the corpora
tion, in excess of the total of his shares and deposit, or in ex-
cess of the total of paid in shares and deposit held by him and
his co-makers in said credit union, unless said loan shall have
been approved at a regularly 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 meet-
ing contained notice of the fact that such loan would be dis-
cussed at said meeting.

All officers and members of committees who in any way
knowingly permitted or participated 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 appli-
cation for a loan is under consideration. A borrower may re-
pay the whole or any part of this loan on any day on which
the office of the corporation is open for business.