1370                                    LAWS OF MARYLAND                              Ch. 658

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. HOWEVER, AFTER
JULY 1, 1975, EVERY CREDIT UNION ORGANIZED UNDER THE LAWS
OF THE STATE MUST BE INSURED BY THE MARYLAND CREDIT
UNION INSURANCE CORPORATION. AND GENERALLY EVERY SUCH
CREDIT UNION IS AUTHORIZED AND EMPOWERED TO, FROM TIME
TO TIME, ACCEPT THE BENEFITS CONFERRED BY TITLE II-SHARE
INSURANCE OF THE FEDERAL CREDIT UNION ACT (12 U.S.C. 1751,
ET SEQ.) AS AMENDED, AND TO PERFORM THE CORRESPONDING
OBLIGATIONS IMPOSED BY SAID ACT AS AMENDED, WHICH ARE
APPLICABLE TO SUCH CREDIT UNION, AND, FROM TIME TO TIME,
TO DO OR CAUSE TO BE DONE ANY AND ALL ACTS, AND TO
EXECUTE, ACKNOWLEDGE AND DELIVER, OR CAUSE TO BE
EXECUTED, ACKNOWLEDGED OR DELIVERED, ANY AND ALL
INSTRUMENTS IN WRITING NECESSARY OR PROPER FOR SUCH
CREDIT UNION TO OBTAIN THE BENEFITS, EXERCISE THE
PRIVILEGES, AND TO SUBJECT ITSELF TO THE OBLIGATIONS OF
TITLE II-SHARE INSURANCE OF THE FEDERAL CREDIT UNION ACT
(12 U.S.C. 1751, ET SEQ.) AS AMENDED, INCLUDING THE ADMISSION
OR WITHDRAWAL FROM TIME TO TIME, OF SUCH CREDIT UNION
AS AN INSURED CREDIT UNION, AND THE POWERS HEREBY
CONFERRED MAY BE EXERCISED FROM TIME TO TIME IF SUCH
ACTION IS APPROVED BY A VOTE OF THE MAJORITY OF THE
BOARD OF DIRECTORS OF SUCH CREDIT UNION.

[(B)](C) SAID BANK COMMISSIONER MAY FURNISH TO
NATIONAL CREDIT UNION ADMINISTRATION, OR TO ANY
OFFICIAL OR EXAMINER THEREOF, A COPY OR COPIES OF ANY OR
ALL EXAMINATIONS MADE OF ANY SUCH INSURED CREDIT UNION
AND OF ANY OR ALL REPORTS MADE BY SAME AND SHALL GIVE
TO SUCH NATIONAL CREDIT UNION ADMINISTRATION, OR ANY
OFFICIAL OR EXAMINER THEREOF, ACCESS TO ANY AND ALL
INFORMATION POSSESSED BY THE OFFICE OF SAID BANK
COMMISSIONER WITH REFERENCE TO THE CONDITIONS OR
AFFAIRS OF ANY SUCH INSURED CREDIT UNION.

SECTION 2. AND BE IT FURTHER ENACTED, That new Sections 451
through 465, inclusive, be and they are hereby added to Article 23 of the
Annotated Code of Maryland (1971 Supplement), title "Corporations," subtitle
"III. Particular Classes of Corporations," to follow immediately after Section 450
thereof and to be under the new subheading "Maryland Credit Union Insurance
Corporation," and all to read as follows:

MARYLAND CREDIT UNION INSURANCE CORPORATION

451.

A NONSTOCK, NONPROFIT CORPORATION IS CREATED, WHICH
SHALL BE KNOWN AS THE MARYLAND CREDIT UNION INSURANCE
CORPORATION, AND THE MEMBERS OF WHICH SHALL BE CERTAIN
ELIGIBLE CREDIT UNION ASSOCIATIONS OF THIS STATE, AS