1066 LAWS OF MARYLAND. [CH. 623
CHAPTER 623.
(House Bill 31)

AN ACT to repeal and re-enact, with amendments, Sections
125, 126, 128, 131, 132, 138, 141, 142 and 145 of Article 11
of the Annotated Code of Maryland (1939 Edition), title
"Banks and Trust Companies", sub-title "Credit Unions".

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 125, 126, 128, 131, 132, 138, 141, 142 and
145 of Article 11 of the Annotated Code of Maryland (1939
Edition), title "Banks and Trust Companies", sub-title "Credit
Unions", be and the same are hereby repealed and re-enactedr
with amendments, to read as follows:

125. Any seven or more persons, residents of the State of
Maryland having a common employer or who are members of
the same trade, profession, club, union, church congregation,
church parish, society, association, fraternal or cooperative
organization, or a well-defined rural community with a rural
population of less than two thousand, may apply to the Bank
Commissioner for permission to organize a credit union by
signing and acknowledging in triplicate a certificate of organ-
ization and entering into articles 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
subscribed by each.

126. 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
qualifications 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.