1850

LAWS OF MARYLAND

[Ch. 311

UNION PROPOSING TO CONVERT SHALL:

(1) ADOPT A RESOLUTION WHICH DECLARES THAT
THE CONVERSION IS ADVISABLE; AND

(2) SET A DATE FOR A VOTE OF MEMBERS ON THE
PROPOSED CONVERSION, EITHER AT A MEETING TO BE HELD ON
THE DATE OR BY WRITTEN BALLOT TO BE FILED ON OR BEFORE
THE DATE.

(C)       NOTICE TO MEMBERS.

WRITTEN NOTICE OF THE PROPOSED CONVERSION AND OF THE
DATE SET FOR THE VOTE SHALL BE DELIVERED IN PERSON TO
EACH MEMBER OR MAILED TO EACH MEMBER AT HIS ADDRESS AS
RECORDED BY THE CREDIT UNION, NOT MORE THAN 30 DAYS NOR
LESS THAN SEVEN DAYS BEFORE THE DATE.

(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.

(2)    WITHIN TEN DAYS AFTER THE VOTE IS TAKEN,
A STATEMENT OF THE RESULTS OF THE VOTE, VERIFIED BY THE
AFFIDAVITS OF THE PRESIDENT OR VICE-PRESIDENT AND THE
SECRETARY, SHALL BE FILED WITH THE BANK COMMISSIONER.

(E)   CONVERSION; FILING FEDERAL CHARTER.

(1)   IF THE PROPOSED CONVERSION IS APPROVED,
WITHIN 90 DAYS AFTER THE APPROVAL, THE CREDIT UNION SHALL
TAKE ANY ACTION NECESSARY UNDER THE APPLICABLE FEDERAL
LAW TO MAKE IT A FEDERAL CREDIT UNION.

(2)   WITHIN TEN DAYS AFTER THE RECEIPT OF THE
FEDERAL CREDIT UNION CHARTER, A COPY OF THE CHARTER SHALL
BE FILED WITH THE COMMISSIONER AND, WHEN THE COPY IS
FILED, THE CREDIT UNION CEASES TO BE A STATE CREDIT
UNION.

(F)   EFFECT OF CONVERSION.

WHEN THE CONVERSION FROM A STATE CREDIT UNION TO A
FEDERAL CREDIT UNION IS COMPLETE:

(1)   THE STATE CREDIT UNION IS NO LONGER
SUBJECT TO THE PROVISIONS OF THIS SUBTITLE OR OF THE
SUBTITLE "CREDIT UNIONS" OF ARTICLE 11 OF THE CODE; AND

(2)   THE SUCCESSOR FEDERAL CREDIT UNION IS
VESTED WITH ALL THE ASSETS AND CONTINUES TO BE
RESPONSIBLE FOR ALL THE OBLIGATIONS OF THE STATE CREDIT