1534                                        LAWS OF MARYLAND                       [Ch. 373

obtained. The insurance shall be obtained from the
Maryland Credit Union Insurance Corporation. Any credit
union existing under the laws of this State which fails
to obtain such insurance by July 1, 1975, shall be deemed
to have elected to be liquidated and shall be liquidated
by the Bank Commissioner pursuant to Article 11, § [141B]
141(B). Provided, however, the Bank Commissioner shall
make every effort to prevent the closing of any such
State chartered credit union and may extend the time for
liquidation for a period of up to one year if the
commissioner finds such extension would not be contrary
to the public interest.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1974.

Approved April 30, 1974.

CHAPTER 374
(Senate Bill 723)
AN ACT concerning

Corrective Legislation — Corporations

FOR the purpose of correcting certain grammatical and
punctuation errors, and other technical errors in
the lavs relating to corporations.

BY repealing and re—enacting, with amendments,

Article 23 — Corporations

Section 161HH, 165A(a), (d), and (e), 167F, 275(e),

333 and 453(c)
Annotated Code of Maryland
(1973 Replacement Volume and 1973 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY. OF
MARYLAND, That Sections 161HH, 165A(a), (d), and (e),
167F, 275(e), 333 and 453 (c) of Article 23 -
Corporations, of the Annotated Code of Maryland (1973
Replacement Volume and 1973 Supplement) be and they are
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 23 — Corporations