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LAWS OF MARYLAND

[Ch. 223

Article 11 — Banks and Trust Companies

140A.

(a) All share and deposit accounts of members of
every credit union organized under the laws of this State
shall be insured after July 1, [1975] 1976, to the extent
permitted by the insurer from which the insurance is
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] 1976, shall
be deemed to have elected to be liquidated and shall be
liquidated by the Bank Commissioner pursuant to Article
11, § 141 (b). [Provided, however, the] 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] THE extension
would not be contrary to the public interest.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved April 8, 1975.

CHAPTER 224
(House Bill 537)

AN ACT concerning

Secretary of Personnel — Annual Report

FOR the purpose of amending the law concerning the annual
report by the Secretary of Personnel to require that
the report be sent to the General Assembly and to
require that it contain certain statistics.

BY repealing and re—enacting, with amendments,

Article 64A — Merit System

Section 10

Annotated Code of Maryland

(1972 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF