1834

LAWS OF MARYLAND

[Ch. 311

(1)   THE ARTICLES AND BYLAWS ARE FRAMED IN
ACCORDANCE WITH LAW;

(2)   THE BYLAWS ARE REASONABLE;

(3)     THE CHARACTER, RESPONSIBILITY, AND
GENERAL FITNESS OF THE INCORPORATORS COMMAND CONFIDENCE
AND WARRANT BELIEF THAT THE BUSINESS OF THE PROPOSED
CREDIT ONION WILL BE CONDUCTED HONESTLY AND EFFICIENTLY,
IN ACCORDANCE WITH THE THE INTENT OF THIS SUBTITLE; AND

(4)    ALLOWING THE PROPOSED CREDIT ONION TO
ENGAGE IN BUSINESS:

(I)    WILL PROMOTE PUBLIC CONVENIENCE
AND ADVANTAGE; AND

[[(5) ALLOWING THE PROPOSED CREDIT UNION TO
ENGAGE IN BUSINESS]]

(II)   IS EXPEDIENT AND DESIRABLE.

(B)   CHANGES IN ARTICLES AND BYLAWS.

AFTER HIS INVESTIGATION, THE COMMISSIONER MAY
REQUIRE ANY CHANGE IN THE ARTICLES OF INCORPORATION OR
BYLAWS HE CONSIDERS NECESSARY.

(C)   ENDORSEMENT AND RETURN OF ARTICLES.

(1)   WITHIN 60 DAYS AFTER THE ARTICLES AND
BYLAWS ARE FILED FOR EXAMINATION, THE COMMISSIONER SHALL
ENDORSE AND DATE EACH COPY OF THE ARTICLES "APPROVED" OR
"REFUSED" OVER HIS OFFICIAL SIGNATURE.

(2)    IF HE REFUSES FORMATION OF THE CREDIT
UNION, HE SHALL RETURN ONE ENDORSED COPY OF THE ARTICLES
TO THE INCORPORATORS.

(3)    IF HE APPROVES FORMATION OF THE CREDIT
UNION, HE SHALL ISSUE A CERTIFICATE OF APPROVAL ATTACHED
TO EACH ENDORSED COPY OF THE ARTICLES AND BYLAWS AND
SHALL:

(I)    RETURN TWO ENDORSED COPIES OF THE
ARTICLES AND BYLAWS WITH THE ATTACHED CERTIFICATE TO THE
INCORPORATORS; AND

(II)   RETAIN AND RECORD ONE ENDORSED COPY OF
THE ARTICLES AND BYLAWS WITH THE ATTACHED CERTIFICATE.

REVISOR'S NOTE: This section presently appears as
the first six sentences of the last paragraph

of Art. 11, §136.