WILLIAM DONALD SCHAEFER, Governor Ch. 472

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

6-211.

(a) (1) The annual meeting of the members of a credit union shall be held as
provided by the bylaws and at the time and place that the bylaws provide.

(2) Special meetings of members shall be held:

(i) On order of the directors or the supervisory committee; or
(ii) At the request of 10 percent of the members.

(3) Notice of each meeting shall be given as the bylaws provide.

(b) (1) Each member of a credit union has one vote, notwithstanding the
number of shares that the member holds.

(2) A member may not vote by proxy. However, a member that is not a
natural person may be represented by an individual authorized by the member to
represent it.

(c) (1) At any meeting of the members of a credit union, the members may:
(i) Decide any question of interest to the credit union; AND

(ii) [Overrule EXCEPT FOR ANY INSTANCE WHERE, IN THE
JUDGMENT OF THE BOARD OF DIRECTORS, IT WOULD RESULT IN
DAMAGE TO THE CREDIT UNION'S FINANCIAL SOUNDNESS OR WOULD
OTHERWISE FORCE THE BOARD OF DIRECTORS TO ABROGATE THEIR
FIDUCIARY RESPONSIBILITY, OVERRULE ANY DECISION OF the board of
directors; and

(iii)] Amend the bylaws or articles of incorporation as provided in §
6-222 of this subtitle.

(2) At the annual meeting of the members, the members shall elect
directors, unless they are elected as provided in § 6-215 of this subtitle.

6-214.

The board of directors shall:

(1) Meet as often as necessary;

(2) Act on each application for membership and each proposed expulsion
of a member;

(3) Set the amount of the fidelity bond required for each officer who has
custody of credit union funds;

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