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SPIRO T. AGNEW, Governor 15
reporting period; provided, however, that if any motor carrier
shall establish by a fair preponderance of evidence that his failure
to file a return and pay the tax within the time prescribed was
due to reasonable cause and was not intentional or willful, the
Comptroller may waive the penalty provided by this [subsection]
section. In addition to imposing such penalty, the Comptroller may
suspend or revoke any certificate, permit or other evidence of right
issued by the Comptroller which the motor carrier so found in
default holds.
Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.
Approved March 22, 1968.
CHAPTER 15
(Senate Bill 94)
AN ACT to repeal and re-enact, with amendments, Section 161 of
Article 11 of the Annotated Code of Maryland (1967 Supplement),
title "Banks and Trust Companies," subtitle "Credit Unions," to
change the period during which credit unions may temporarily
borrow monies for their purposes. AND CHANGING THE COM-
PUTATION OF THE SUM TO BE BORROWED.
Section 1. Be it enacted by the General Assembly of Maryland,
That Section 161 of Article 11 of the Annotated Code of Maryland
(1967 Supplement), title "Banks and Trust Companies," subtitle
"Credit Unions," be and it is hereby repealed and re-enacted, with
amendments, to read as follows:
161.
A credit union may borrow from any source, such sum or sums
of money which will not exceed [twenty-five (25)] fifty (50) per
cent of its assets, PAID-IN AND UNIMPAIRED CAPITAL AND
SURPLUS for a period not exceeding [six months] one year.
This period may be extended for an additional [six months] one year
with the approval of the Bank Commissioner. A credit union may
loan to or borrow from any other credit union.
Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.
Approved March 22, 1968.
CHAPTER 16
(Senate Bill 95)
AN ACT to repeal and re-enact, with amendments, Section 144 of
Article 11 of the Annotated Code of Maryland (1957 Edition and
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