1852

LAWS OF MARYLAND

[Ch. 311

(D) EFFECT OF MERGER.

(1) WHEN THE CERTIFICATE FROM THE
COMMISSIONER IS RETURNED:

(1)     ALL PROPERTY, PROPERTY RIGHTS, AND
MEMBERS' INTEREST OF THE MERGED CREDIT UNION SHALL VEST
IN THE SURVIVING CREDIT UNION WITHOUT DEED, ENDORSEMENT,
OR OTHER INSTRUMENT OF TRANSFER; AND

(II) ALL DEBTS, OBLIGATIONS, AND LIABILITIES
OF THE MERGED CREDIT UNION SHALL BE CONSIDERED ASSUMED BY
THE SURVIVING CREDIT UNION UNDER WHOSE CHARTER THE MERGER
WAS EFFECTED.

(2)    THE RIGHTS AND PRIVILEGES OF THE MEMBERS
OF THE MERGED CREDIT UNION SHALL REMAIN INTACT.

(F) CONSTRUCTION OF SECTION.

WHENEVER POSSIBLE, THIS SECTION SHALL BE CONSTRUED
TO PERMIT A CREDIT UNION CHARTERED UNDER ANY OTHER ACT TO
MERGE WITH ONE CHARTERED UNDER THIS SUBTITLE, AND TO
PERMIT ONE CHARTERED UNDER THIS SUBTITLE TO MERGE WITH ON
CHARTERED UNDER ANY OTHER ACT.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11,
§157B.

6-327. OTHER PROVISIONS OF CODE APPLICABLE.

IN ADDITION TO THE PROVISIONS OF THIS SUBTITLE, EACH
CREDIT UNION HAS THE POWERS AND IS SUBJECT TO THE
PROVISIONS OF SUBTITLE "CREDIT UNIONS" OF ARTICLE 11 OF
THE CODE.

REVISOR'S NOTE: This section is added to incorporate
by reference the provisions retained in Art.
11, §§135 et seq., pending future revision and
inclusion in the Business Regulation Article.
This section is not intended to be exhaustive
or imply that other provisions of law also
would not be applicable.

6-3 28. PENALTY.

(A) USE OF WORDS "CREDIT UNION."

EXCEPT CORPORATIONS FORKED UNDER THE PROVISIONS OF
THIS SUBTITLE, ANY PERSON WHO USES ANY NAME OR TITLE
WHICH CONTAINS THE WORDS "CREDIT UNION" IS GUILTY OF A
MISDEMEANOR AND ON CONVICTION IS SUBJECT TO A FINE NOT
EXCEEDING $500 OR IMPRISONMENT NOT EXCEEDING SIX MONTHS