MARVIN MANDEL, Governor

1849

THE BOARD OF DIRECTORS OF A CREDIT UNION MAY CALL A
MEETING OF ITS MEMBERS TO ACT ON ANY PRACTICE OF THE
CREDIT UNION WHICH THE SUPERVISORY COMMITTEE, WITH THE
CONCURRENCE OF THE COMMISSIONER, CONSIDERS UNSAFE AND
UNAUTHORIZED.

REVISOR'S NOTE: This section presently appears as
the last sentence of Art. 11, §145(b).

The only changes are in style.

The Commission questions whether the phrase
appearing in present §145(b) and this section
"unsafe and unauthorized" was actually
intended to mean "unsafe or unauthorized."
Clarifying legislation may be appropriate.

6-324. COMPENSATION.

(A) OFFICERS.

EXCEPT FOR THE COMPENSATION OF THE TREASURER, EACH
OFFICER ELECTED BY THE BOARD OF DIRECTORS MAY RECEIVE THE
COMPENSATION THE MEMBERS AUTHORIZE.

(B) MEMBERS OF THE BOARD OF DIRECTORS AND CREDIT
AND SUPERVISORY COMMITTEES.

EACH MEMBER OF THE BOARD OF DIRECTORS AND OF THE
CREDIT COMMITTEE AND SUPERVISORY COMMITTEE MAY RECEIVE
THE COMPENSATION THE MEMBERS AUTHORIZE, SUBJECT TO THE
FINAL APPROVAL OF THE COMMISSIONER.

REVISOR'S NOTE: This section presently appears as
Art. 11, §145(c).

The only changes are in style.

The provisions dealing with the compensation
for the          treasurer         are          located          in

§6-316(b)(11).

6-325. CONVERSION OF STATE CREDIT UNION INTO FEDERAL
CREDIT UNION.

(A)   GENERAL RULE.

A STATE CREDIT UNION MAY CONVERT INTO A FEDERAL
CREDIT UNION IN ACCORDANCE WITH FEDERAL LAW AND AS
PROVIDED IN THIS SECTION.

(B)   DIRECTORS' ACTION.

A MAJORITY OF THE BOARD OF DIRECTORS OF A CREDIT