1246                             LAWS OF MARYLAND                        [CH. 570

ing to be held on such date or by written ballot to be filed on or be-
fore such date), by a majority of the directors of the state credit
union. Written notice of the proposition and of the date set for the
vote shall then be delivered in person to each member, or mailed to
each member at the address for such member appearing on the rec-
ords of the credit union, not more than thirty nor less than seven
days prior to such date. Approval of the proposition for conversion
shall be by the affirmative vote of not less than four-fifths of the
entire membership of the Credit Union and shall be in writing.

(b)  A statement of the results of the vote, verified by the affi-
davits of the president or vice president and the secretary, shall be
filed with the bank commissioner within ten days after the vote is
taken.

(c)  Promptly after the vote is taken and in no event later than
ninety days thereafter, if the proposition for conversion was ap-
proved by such vote, the credit union shall take such action as may be
necessary under the applicable federal law to make it a federal credit
union, and within ten days after receipt of the federal credit union
charter there shall be filed with the Bank Commissioner a copy of
the charter thus issued. Upon such filing the credit union shall cease
to be a state credit union.

(d)   Upon ceasing to be a state credit union, such credit union shall
no longer be subject to any of the provisions of this act. The successor
federal credit union shall be vested with all the assets and shall con-
tinue to be responsible for all of the obligations of the state credit
union to the same extent as though the conversion had not taken
place.

162. Loans may be made to members, not to exceed [three] five
thousand dollars [$3,000] ($5,000) on first mortgage lien security,
not to exceed 50% of the appraised value of the property to be mort-
gaged; such loans however are to be at the rate of not more than six
per centum (6%) per annum, and to be amortized over a period not
exceeding twenty years, and are only to be made upon the approval
of the Bank Commissioner.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1963.

Approved April 30, 1963.

CHAPTER 570
(Senate Bill 591)

AN ACT to repeal and re-enact, with amendments, Section 38 of
Article 40 of the Annotated Code of Maryland (1957 Edition),
title "General Assembly", sub-title "Legislative Council", relating
to the compensation of the members of the Legislative Council and
of its committees.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 38 of Article 40 of the Annotated Code of Maryland
(1957 Edition), title "General Assembly", sub-title "Legislative