Marvin Mandel, Governor                           401

County People's Court or so near the said court as to interrupt
its proceedings in the types of cases set forth in Section 4 of Article
26 of the Annotated Code of Maryland, provided that the procedure
and record in such cases shall be as provided for direct contempts
under Rule P3 of the Maryland Rules of Procedure, and provided
further that the punishment for said contempts shall not exceed
a fine of one hundred dollars ($100.00) or ten (10) days in jail or
close confinement. Any person may appeal to the Harford County
Circuit Court within ten (10) days from any order or judgment
purporting to be issued under the authority contained herein. Upon
such appeal the Harford County Circuit Court shall consider and
pass upon the law and the facts and shall issue such order as it
may deem proper, including the reversal or modification of the
order from which the appeal was taken. An appeal pursuant to this
subsection shall stay the execution of sentence except where a per-
son has been committed for a contempt, and then he shall have the
right with respect to admission to bail pending appeal as an ac-
cused in a criminal proceeding.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved April 15, 1970

CHAPTER 135
(Senate Bill 619)

AN ACT to repeal and re-enact, with amendments, Section 155 of
Article 11 of the Annotated Code of Maryland (1968 Replacement
Volume), title "Banks and Trust Companies," subtitle "Credit
Unions," to permit payment of dividends quarterly, and to in-
crease maximum dividends from six to eight percent.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 155 of Article 11 of the Annotated Code of Maryland
(1968 Replacement Volume), title "Banks and Trust Companies,"
subtitle "Credit Unions," be and it is hereby repealed and re-enacted,
with amendments, to read as follows:

155. Dividends.

The board of directors of a credit union may declare a dividend,
not in excess of [SIX PERCENT] eight percent, from so much of its
net profits at the close of any fiscal year as may be available after
providing for expenses, interest and taxes accrued. Provided, how-
ever, that no dividend shall be declared until the amount of net
earnings shall have been transferred to the reserve fund, as re-
quired by this article. Any losses sustained may be charged against
the reserve fund, surplus or undivided earnings, and no dividends
shall be declared if the known losses existing at the close of any
fiscal year exceed the balance of the reserve fund, surplus or undi-
vided earnings after the payment of said dividend. Dividends may
be paid annually [or], semi-annually, or quarterly, as the bylaws
may provide, and after provision for the required reserves, the