MARVIN MANDEL, Governor

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directors; limiting the authority of the Directors
to fill a vacancy on the Board; extending the
terminal date by which the Corporation must be
operational; clarifying and changing certain
terminology and making certain other changes in the
Maryland Credit Union Insurance Corporation;
extending the date by which credit unions must be
insured; allowing the Bank Commissioner to order
the Corporation to operate a credit union in certain
circumstances; and clarifying language.

BY repealing and re—enacting, with amendments,

Article 11 - Banks and Trust Companies
Section 140A(a), 140A(b), and 141(b)
Annotated Code of Maryland
(1968 Replacement Volume and 1974 Supplement)

BY repealing and re—enacting, with amendments,

Article 23 — Corporations

Section 451, 452, 453, 454, 455, 457, 458, 461, 463

and 465
Annotated Code of Maryland
(1973 Replacement Volume and 1974 Supplement)

SECTION 1, BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 140A(a), 140A(b), and 141(b) of
Article 11 — Banks and Trust Companies, (1968 Replacement
Volume and 1974 Supplement) be and they are hereby
repealed and re—enacted, with amendments, to read as
follows:

Article 11 — Banks and Trust Companies

140A.

(a) All share and deposit accounts of members of
every credit union organized under the laws of this State
shall be insured after [July 1, 1975] [[JANUARY 1]] JULY
1, 1976, to the extent permitted by the insurer from
which the insurance is obtained. The insurance shall be
obtained from the Maryland Credit Union Insurance
Corporation. Any credit union existing under the Laws of
this State which fails to obtain [[such]] insurance by
[July 1, 1975] [[JANUARY 1]] JULY 1, 1976, shall be
deemed to have elected to be liquidated and shall be
liquidated by the Bank Commissioner pursuant to Article
11, § 141 (b). [Provided, however] [[HOWEVER, the]] THE
Bank Commissioner shall make every effort to prevent the
closing- of any [such] State—chartered credit union and