MARVIN MANDEL, Governor

1205

Section 6-325(d)(1)

Annotated Code of Maryland

(As enacted by Chapter (S.B. 330) of the Acts of

the General Assembly of 1975)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section [[157A(a) of Article 11 - Banks
and Trust Companies, of the Annotated Code of Maryland
(1968 Replacement Volume and 1974 Supplement) ]]
6—325(d)(1) of the Corporations and Associations Article
of the Annotated Code of Maryland (as enacted by
Chapter (S.B.330) of the Acts of the General Assembly
of 1975) be and it is hereby repealed and re—enacted,
with amendments, to read as follows:

[[Article 11 — Banks and Trust Companies

157A.

A State credit union may be converted into a federal
credit union under federal law, by complying with the
following requirements:

(a) The proposition for [such] conversion shall
first be approved, and a date set for a vote thereon by
the members (either at a meeting to be held on [such]
THAT date or by written ballot to be filed on or before
[such] THAT date), by a majority of the directors of the
State credit union. Written notice of the proposition
and of the date set for the vote shall then be delivered
in person to each member, or mailed to each member at the
address for [such] THE member appearing on the records of
the credit union, not more than [thirty] 30 nor less than
seven days prior to [such] THE date. Approval of the
proposition for conversion shall be by the affirmative
vote of [not less than four fifths of the entire
membership of the credit union] A MAJORITY OF THE
MEMBERSHIP VOTING and shall be in writing.]]

Article — Corporations and Associations

6-325.

(d) Approval by members.

(1) The proposed conversion shall be
approved in writing by the affirmative vote of [80
percent of the entire membership of the Credit Union] A
MAJORITY OF THE ENTIRE MEMBERSHIP [[VOTING]].

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.