2622                                               LAWS OF MARYLAND                         [Ch. 769

(1968 Replacement Volume and 1973 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 157B be and it is hereby added
to Article 11 — Banks and Trust Companies, of the
Annotated Code of Maryland (1968 Replacement Volume and
1973 Supplement") to read as follows:

Article 11 — Banks and Trust Companies

157B.

(A)    ANY CREDIT UNION, WITH THE APPROVAL OF THE
BANK COMMISSIONER, MAY MERGE WITH ANOTHER CREDIT UNION
UNDER THE EXISTING CHARTER OF THE OTHER CREDIT UNION,
PURSUANT TO ANY PLAN AGREED UPON BY THE MAJORITY OF EACH
BOARD OF DIRECTORS OF EACH CREDIT UNION JOINING IN THE
MERGER, AND APPROVED BY THE AFFIRMATIVE VOTE OF A
MAJORITY OF THE MEMBERS OF [[THE MERGING]] EACH CREDIT
UNION PRESENT AT A MEETING OF ITS MEMBERS DULY CALLED FOR
THAT PURPOSE.

(B)    AFTER AGREEMENT BY THE DIRECTORS AND APPROVAL
BY THE MEMBERS OF THE MERGING CREDIT UNION, THE PRESIDENT
AND SECRETARY OF THE CREDIT UNION SHALL EXECUTE A
CERTIFICATE OF MERGER, WHICH SHALL SET FORTH ALL OF THE
FOLLOWING:

(1) THE TIME AND PLACE OF THE MEETING OF THE
BOARD OF DIRECTORS AT WHICH THE PLAN WAS AGREED UPON;

(2)

THE VOTE IN FAVOR OF THE ADOPTION OF THE

PLAN;

(3)    A COPY OF THE RESOLUTION OR OTHER ACTION
BY WHICH THE PLAN WAS AGREED UPON;

(4)    THE TIME AND PLACE OF THE MEETING OF THE
MEMBERS AT WHICH THE PLAN AGREED UPON WAS APPROVED; AND

(5)    THE VOTE BY WHICH THE PLAN WAS APPROVED
BY THE MEMBERS.

(C)    THE CERTIFICATE AND A COPY OF THE      PLAN OF
MERGER AGREED UPON SHALL BE FORWARDED TO     THE BANK
COMMISSIONER, CERTIFIED BY HIM, AND RETURNED     TO BOTH
CREDIT UNIONS WITHIN 30 DAYS.

(D)    UPON RETURN OF THE CERTIFICATE FROM THE BANK
COMMISSIONER, ALL PROPERTY, PROPERTY RIGHTS, AND MEMBERS'
INTEREST OF THE MERGED CREDIT UNION SHALL VEST IN THE
SURVIVING CREDIT UNION WITHOUT DEED, ENDORSEMENT OR OTHER