3188

LAWS OF MARYLAND

[Ch. 717

may extend the time for liquidation for a period of up to
one year if the Commissioner finds [such] [[AN]] THE
extension would not be contrary to the public interest.

(b) Every credit union [heretofore or hereafter]
organized under the laws of this State[,] is specifically
granted the power and authority, if the action is
approved by a vote of a majority of its board of
directors, to participate in the national credit union
administration share insurance program and to pay such
administration any proper assessment made by it upon its
insured credit unions and to comply with the provisions
which may be applicable to [such] credit unions as
contained in Title II—Share Insurance of the Federal
Credit Union Act (12 U.S.C. 1751, et seq.) as amended.
[And every] EVERY such credit union is likewise
authorized and permitted, if such action is approved by a
vote of a majority of its board of directors, to withdraw
from the national credit union administration share
insurance program and terminate its status as an insured
credit union in accordance with the provisions of the
said Title II—Share Insurance of the Federal Credit
Union Act (12 U.S.C. 1751, et seq.) as amended.
However, after [July 1, 1975] [[JANUARY 1]] JULY 1, 1976,
every credit union organized under the laws of the State
must be insured by the Maryland Credit Union Insurance
Corporation. [And generally] GENERALLY every [such]
credit union is authorized and empowered to, from time to
time, accept the benefits conferred by Title II—Share
Insurance of the Federal Credit Union Act (12 U.S.C.
1751, et seq.) as amended, and to perform the
corresponding obligations imposed by [said] THE Act as
amended, which are applicable to [such] THE credit union,
and, from time to time, to do or cause to be done any and
all acts, and to execute, acknowledge and deliver, or
cause to be executed, acknowledged or delivered, any and
all instruments in writing necessary or proper for [such]
THE credit union to obtain the benefits, exercise the
privileges, and to subject itself to the obligations of
Title II—Share Insurance of the Federal Credit Union Act
(12 U.S.C. 1751, et seq.) as amended, including the
admission or withdrawal from time to time, of [such] THE
credit union as an insured credit union, and the powers
[hereby] conferred may be exercised from time to time if
[such] THE action is approved by a vote of the majority
of the board of directors of [such] THE credit union.

141.

(b) For failure to file a report when due a
credit union shall forfeit to the State five dollars for
each day [such] THAT neglect continues [and if it
continues for more than fifteen days, the said Bank
Commissioner may revoke the certificate of approval of