Ch. 154                             MARVIN MANDEL, Governor                                 223

151.

Any capital, deposits, surplus or reserves of a credit union in excess OF THE
AMOUNT for which loans to members and other credit unions are properly
approved, may be deposited in banking institutions organized under the laws of
Maryland, or in national banks located therein, and insured building, savings and
loan associations. The total of all types of accounts excluding checking accounts in
any one institution shall not exceed the insurable amount per account that the
institution currently carries. Excess funds may also be invested in registered or
coupon bonds of the United States and those guaranteed by it, the State of
Maryland, or of any county or municipality of this State, including public stock
debt of Baltimore City. All other investments must have the prior approval of the
Bank Commissioner.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved April 26, 1973.

CHAPTER 154
(House Bill 588)

AN ACT to repeal and re-enact, with amendments, Section 419(b) of Article 23 of
the Annotated Code of Maryland (1966 Replacement Volume and 1971
Supplement), title "Corporations," subtitle "III. Particular Classes of
Corporations," subheading "Development Credit Corporation," to correct
certain errors in the laws relating to development credit corporations.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 419(b) of Article 23 of the Annotated Code of
Maryland (1966 Replacement Volume and 1971 Supplement), title
"Corporations," subtitle "III. Particular Classes of Corporations," subheading
"Development Credit Corporation," be and it is hereby repealed and re-enacted,
with amendments, to read as follows:

419.

(b) Membership in the corporation shall be for the duration of the corporation
provided that:

1.  Upon written notice given to the corporation a member may withdraw from
membership in the corporation at the expiration of 60 days after receipt of notice
by the corporation.

2.  If there shall be a legislative amendment of this charter which shall not have
been approved by the members and stockholders as provided for in § 418 within
sixty days after the effective date of such amendment, any member voting against
the approval of such amendment may withdraw from membership forthwith upon
giving written notice to the corporation not later than ninety days from the
effective date of such amendment.

Subsequent to the expiration date of any notice of withdrawal, a withdrawing
member shall not be obligated to make any loans to the corporation pursuant to
calls made after such expiration date, except for loans accrued or committed by