940 LAWS OF MARYLAND. [CH. 337
CHAPTER 337.

AN ACT to authorize the establishment and operation of

credit unions.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That 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 acknowl-
edging in duplicate a certificate of organization and entering
into article 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
Act.

(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.

SEC. 2. At the time of filing the certificate of organization
with the Bank Commissioner the incorporators shall submit
in duplicate sets of by-laws (with acknowledgement 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 notifi-
cation 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 credit union and of the supervisory committees, the officers
and the powers and duties of said board, said committees and
said officers.