HERBERT R. O'CONOR, GOVERNOR. 739

income and shall be added to the reserve fund of tie corpora-
tion. At the close of each fiscal year there shall be set apart
to the reserve fund 20% of the net income of the corporation,
which has been earned for the year. This amount may be in-
creased by vote of the members of the credit union on the
recommendation of the Board of Directors. The reserve fund
shall belong to the corporation and shall be held to meet con-
tingencies rising through losses in loans, etc. and shall not be
distributed to members, except upon dissolution of the cor-
poration. When the reserve fund shall equal 20% of the
amount paid in on shares by members, only such amount of the
annual net income shall thereafter be transferred to the reserve
fund as shall be necessary to maintain such reserve fund at
such percentage of the amount of shares paid in, after losses
have been duly charged against the fund.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1945.

Approved April 23, 1945.

CHAPTER 666,
(House Bill 434)

AN ACT to repeal and re-enact, with amendments, Section
141 of Article 11 of the Code of Public General Laws of
Maryland (1943 Edition), title "Banks and Trust Com-
panies", sub-title "Credit Unions", providing for deposits
of the funds of Credit Unions in shares of certain Building
and Loan Associations.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 141 of Article 11 of the Code of Public
General Laws of Maryland (1943 Edition), title "Banks and
Trust Companies", sub-title "Credit Unions", be and the same
is hereby repealed and re-enacted, with amendments, to read
as follows:

141. Any capital, deposits or surplus of a credit union in
excess of the amount for which loans to members shall be ap-
proved by the credit committee, may be deposited in banking
institutions organized under the laws of Maryland, or in na-
tional banks located therein, or may be invested in registered
or coupon bonds bonds of the United States, the State of Mary-
land, or of any county or municipality of this State, including
public stock debt of Baltimore City or any other investments