Marvin Mandel, Governor                         605

examinations as he may deem to be necessary. [In January] No
later than the last day of March of each year each credit union shall
make a report to the Bank Commissioner of the business of the pre-
ceding calendar year in such detail as the Bank Commissioner may
require on blank forms supplied by him for the purpose. He may
require such further reports from time to time as he may deem neces-
sary. All reports shall be signed and acknowledged by either the
president, vice-president, secretary or treasurer and a majority of
the members of the supervisory committee.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1971.

Approved April 29, 1971

CHAPTER 293
(House Bill 367)

AN ACT to add a new Section 140A to Article 11 of the Annotated
Code of Maryland (1968 Replacement Volume), title "Banks and
Trust Companies," subtitle "Credit Unions," to follow immedi-
ately after Section 140, to authorize state chartered Credit Unions
to participate in the National Credit Union Administration Share
Insurance Program and to authorize the Bank Commissioner to
furnish copies of examinations and reports to the National Credit
Union Administration or its officials.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 140A be and it is hereby added to Article 11 of the
Annotated Code of Maryland (1968 Replacement Volume), title
"Banks and Trust Companies," subtitle "Credit Unions," to follow
immediately after Section 140, and to read as follows:

140 A.

(a) Membership in National Credit Union Administration Share
Insurance Program—In General.—Every Credit Union heretofore
or hereafter organized under the laws of this State, is specifically
granted the power and authority, if the action is approved by a vote
of a majority of its Board of Directors, to participate in the National
Credit Union Administration Share Insurance Program and to pay
such Administration any proper assessment made by it upon its
insured Credit Unions and to comply with the provisions which may
be applicable to such Credit Unions as contained in Title II—Share
Insurance of the Federal Credit Union Act (12 U.S.C. 1751, et seq.)
as amended. And every such Credit Union is likewise authorized and
permitted, if such action is approved by a vote of a majority of its
Board of Directors, to withdraw from the National Credit Union
Administration Share Insurance Program and terminate its status
as an insured Credit Union in accordance with the provisions of the
said Title II—Share Insurance of the Federal Credit Union Act (12
U.S.C. 1751, et seq.) as amended. And generally every such Credit
Union is authorized and empowered to, from time to time, accept the