198                              Laws of Maryland                        [Ch. 74

practices, after a hearing or any opportunity for a hearing has been
afforded said credit union. If said credit union fails to comply with
said order within sixty days the Bank 'Commissioner may take pos-
session of the business and property of said credit union and retain
such possession until such time as he may permit it to resume
business or cause its affairs to be finally liquidated as [by law pro-
vided] hereinbefore provided in the case of a banking institution.

157. (a) At a meeting, specially called to consider the subject,
four-fifths of the entire membership of the corporation may vote to
dissolve the corporation and upon such vote shall signify their con-
sent to such dissolution in writing. Such corporation shall then file
in the office of the Bank Commissioner such consent, attested by its
secretary or treasurer and its president or vice-president, with a
statement of the names and residences of the existing board of
directors of said corporation and the names and addresses of its
officers duly verified. The Bank Commissioner, upon satisfactory
proof of the solvency of the corporation, shall issue to such corpora-
tion in duplicate a certificate to the effect that such consent and
statement have been filed and that it appears therefrom that such
corporation has complied with this section. Such duplicate certifi-
cate shall be filed by such corporation with the State Tax Commis-
sion, and thereupon such corporation shall be dissolved and shall
cease to carry on business except for the purpose of adjusting and
winding up its affairs. The said corporation, by its board of direc-
tors, . shall then proceed to adjust and! wind up its business and
affairs in such way and manner as the Bank Commissioner may
direct, and shall continue in existence for the purpose of discharg-
ing its debts and obligations, collecting and distributing its assets,
and doing all other acts required in order to wind up its business,
and may sue and be sued for the purpose of enforcing such debts
and obligations until its affairs are fully adjusted and wound up, for
a period of three years.

(b)  Nothing herein contained shall prevent a credit union from
placing its affairs and assets in the hands of the Bank Commissioner
for final liquidation by a majority vote of the membership present
of such a credit union at a meeting duly called for such purpose.

(c)   Upon certification of such action on the part of the member-
ship by the proper officers of the credit union to the Bank Commis-
sioner, the said Bank Commissioner shall post a notice on the
premise of the credit union as follows:

"This Credit Union is in the hands of the Bank Commissioner for
liquidation."

(d)   The Bank Commissioner shall then proceed to place the credit
union in receivership for final liquidation as in this Article provided
in the case of a Banking Institution.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1956.

Approved March 8, 1956.