16                               LAWS OF MARYLAND                        [CH. 16

1967 Supplement), title "Banks and Trust Companies," subtitle
"Credit Unions," and to amend Section 145 thereof by adding
a new Section (e) thereto, to follow immediately after subsection
(d) thereof, providing that the board of directors and not the
members of a credit union shall name a supervisory committee,
and relating generally to this committee and to its members and
terms, NEW SUBSECTIONS (E) AND (F) THERETO, TO
FOLLOW IMMEDIATELY AFTER SUBSECTION (D) THERE-
OF, PROVIDING THAT THE BOARD OF DIRECTORS AND
NOT THE MEMBERS OF A CREDIT UNION SHALL NAME
A SUPERVISORY COMMITTEE AND A CREDIT COMMIT-
TEE, AND RELATING GENERALLY TO THESE COMMIT-
TEES, THEIR MEMBERS AND TERMS AND TO THE BOARD
OF DIRECTORS.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 144 of Article 11 of the Annotated Code of Maryland
(1957 Edition and 1967 Supplement), title "Banks and Trust Com-
panies," subtitle "Credit Unions," be and the same is hereby repealed
and re-enacted, with amendments, and that a new subsection (e)
NEW SUBSECTIONS (E) AND (F) be and the same is ARE
hereby added to Section 145 thereof, to follow immediately after
subsection (d) all to read as follows:

144.

At the annual meeting the members shall elect a board of directors
of not less than five members, a credit committee [and a supervisory
committee] of not less than three members [each] and all members
of committees and all directors, as well as the officers whom they may
elect shall be sworn to the faithful performance of their duties, and
OF NOT LESS THAN FIVE MEMBERS, WHO SHALL ALL BE
MEMBERS OF THE CREDIT UNION. ALL MEMBERS OF COM-
MITTEES AND ALL DIRECTORS, AS WELL AS THE OFFI-
CERS, SHALL BE SWORN TO THE FAITHFUL PERFORM-
ANCE OF THEIR DUTIES, AND shall hold their several offices
until such time as may be determined by the bylaws.

145.

(e) The supervisory committee shall be appointed by the board
from the members of the credit union, and one member of the board
may be a director other than the treasurer. The board shall determine
the number of members on the committee, which shall not be fewer
than three, OR MORE THAN SEVEN MEMBERS. No member of
the credit committee or any employee of the credit union may be
appointed to the supervisory committee. Regular terms shall be for
one (1) year and until the appointment and qualification of their
successors.

(F) THE CREDIT COMMITTEE SHALL BE APPOINTED BY
THE BOARD FROM THE MEMBERS OF THE CREDIT UNION,
ONE OF WHOM MAY BE A DIRECTOR OTHER THAN THE
TREASURER. THE BOARD SHALL DETERMINE THE NUM-
BER OF MEMBERS ON THE COMMITTEE, WHICH SHALL
NOT BE FEWER THAN THREE NOR MORE THAN SEVEN.
REGULAR TERMS SHALL BE FOR ONE (1) YEAR AND
UNTIL THE APPOINTMENT AND QUALIFICATION OF THEIR
SUCCESSORS.