1836                                                 LAWS OF MARYLAND                          [Ch. 311

(1)   WITH THE COMMISSIONER - $10; AND

(2)    WITH THE DEPARTMENT - AS PROVIDED FOR
ARTICLES OF INCORPORATION UNDER THE GENERAL CORPORATION
LAW.

(C) CORPORATE STATUS.

WHEN ARTICLES OF INCORPORATION ARE FILED FOR RECORD
IN ACCORDANCE WITH SUBSECTION (B) OF THIS SECTION, THE
CREDIT UNION BECOMES A BODY CORPORATE.

REVISOR'S NOTE: This section presently appears as
the seventh through ninth sentences of the
last paragraph of Art. 11, §136.

In subsection (b)(2) of this section, the word
"Department" is substituted for "State Tax
Commission." Under the provisions of Art. 81,
§247A, the Department of Assessments and
Taxation assumed the functions and duties of
the Commission.

The only other changes are in style.

6-307. POWERS IN GENERAL.

A CREDIT UNION HAS THE POWER TO:

(1)   RECEIVE THE SAVINGS OF ITS MEMBERS AS
PAYMENT FOR ITS SHARES OR AS A DEPOSIT;

(2)    LEND MONEY TO ITS MEMBERS AT REASONABLE
RATES NOT EXCEEDING 1 PERCENT PER MONTH ON THE UNPAID
BALANCE;

(3)    INVEST ITS ACCUMULATED FUNDS AS PROVIDED
IN SUBTITLE "CREDIT UNIONS" OF ARTICLE 11, OF THE CODE;

(4) SUBJECT TO THE RULES AND REGULATIONS OF
THE COMMISSIONER, SELL TO ITS MEMBERS NEGOTIABLE CHECKS,
INCLUDING TRAVELER'S CHECKS, AND MONEY ORDERS;

(5)   CASH CHECKS AND MONEY ORDERS FOR A FEE
NOT EXCEEDING THE DIRECT AND INDIRECT COSTS OF THE
SERVICE; AND

(6)    UNDERTAKE OTHER ACTIVITIES CONSISTENT
WITH THIS SUBTITLE WHICH RELATE TO ITS PURPOSES AND WHICH
ITS BYLAWS AUTHORIZE.

REVISOR'S NOTE: This section presently appears as
Art. 11, §139.