Ch. 658                           MARVIN MANDEL, Governor                               1375

AND AMENDMENTS AND NEW BYLAWS, RULES, AND
REGULATIONS WILL BECOME EFFECTIVE ONLY AFTER
SUBMISSION TO AND OBTAINING THE APPROVAL OF THE
SUPERVISOR, WHOSE APPROVAL MAY BE DENIED ONLY IF HE HAS
REASON TO BELIEVE THAT THE PRINCIPLES AND PURPOSES OF
THIS SUBHEADING WILL BE SUBVERTED THEREBY OR IF THE BEST
INTERESTS OF THE PUBLIC WILL NOT BE PROMOTED THEREBY.
UNLESS THE SUPERVISOR WITHIN 30 DAYS AFTER SUBMISSION
NOTIFIES THE CORPORATION OF HIS DISAPPROVAL AND STATE
THE GROUNDS THEREFOR, THE AMENDMENTS, BYLAWS, RULES,
AND/OR REGULATIONS THE BOARD OF DIRECTORS FROM TIME TO
TIME ESTABLISHES A LIMIT ON THE AMOUNT OF INSURANCE
WHICH MAY BE PROVIDED FOR EACH SEPARATE CREDIT
ACCOUNT OF AN ASSOCIATION.

458.

NEITHER THE CORPORATION, THE MEMBER ASSOCIATIONS,
NOR THOSE PERSONS HAVING CREDIT ACCOUNTS THEREIN, ARE
SUBJECT TO THE PROVISIONS OF ARTICLE 48A OF THIS CODE,
TITLE "INSURANCE," BY REASON OF PARTICIPATION HEREIN.

459.

NO OFFICER OR DIRECTOR OF THE CORPORATION, WHETHER
APPOINTED OR ELECTED, IS PERSONALLY LIABLE UPON ANY OF
ITS CONTRACTS LEGALLY ENTERED INTO ON BEHALF OF THE
CORPORATION UNLESS THE SAME BY ITS TERMS EXPRESSLY
OBLIGATES HIM OR THEM.

460.

THE LIFE OF THE CORPORATION IS PERPETUAL.
461.

AS USED HEREIN, THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED UNLESS THE CONTEXT CLEARLY
REQUIRES A DIFFERENT MEANING.

(1)   "CORPORATION" MEANS THE MARYLAND CREDIT UNION
INSURANCE CORPORATION CREATED HEREBY.

(2)   "SUPERVISOR" MEANS THE BANKING COMMISSIONER OF
THIS STATE.

(3)   "DIRECTORS" MEANS THE BOARD OF DIRECTORS OF THE
MARYLAND CREDIT UNION INSURANCE CORPORATION.

(4)   "ASSOCIATION" MEANS ANY CREDIT UNION ASSOCIATION
ORGANIZED UNDER THE LAWS OF THIS STATE AND FOREIGN
CREDIT UNIONS DULY AUTHORIZED TO DO BUSINESS IN THIS
STATE, AND EACH FEDERAL OR FOREIGN ASSOCIATION MUST
HAVE ITS PRINCIPAL OFFICES IN THIS STATE.

(5)      "CREDIT ACCOUNTS" MEANS SHARE AND DEPOSIT
ACCOUNTS.