MARVIN MANDEL, Governor

3189

said corporation and said corporation shall thereupon
discontinue doing business until such time as it may be
permitted to continue to do business by a reissuance of
the certificate of approval by the Bank Commissioner].
If the Bank Commissioner, upon examination, finds that
the credit union HAS FAILED TO FILE A REPORT WHEN DUE OR
is insolvent or that it has violated any of the
provisions of this subtitle or that, in his judgment, any
of its practices are unsafe, he may, by an order made
over his hand and official seal, order [said] THE credit
union to discontinue [said] THE illegal or unsafe
practices after a hearing or any opportunity for a
hearing has been afforded [said] THE credit union. If
[said] THE credit union fails to comply with said order
within [sixty] 60 days the Bank Commissioner may take
possession of the business and property of [said] THE
credit union and retain AND OPERATE [such possession] THE
CREDIT UNION until such time as he may permit it to
resume business or DIRECT THE MARYLAND CREDIT UNION
INSURANCE CORPORATION TO TAKE POSSESSION OF THE BUSINESS
AND PROPERTY OF THE CREDIT UNION AND TO OPERATE IT IN
ACCORDANCE WITH HIS INSTRUCTIONS UNTIL HE MAY PERMIT IT
TO RESUME BUSINESS OR cause its affairs to be finally
liquidated as [hereinafter] provided in the case of a
banking institution.

SECTION 2. AND BE IT FURTHER ENACTED, That Sections
451, 452, 453, 454, 455, 457, 458, 461, 463 and 465 of
Article 23 — Corporations, of the Annotated Code of
Maryland (1973 Replacement Volume and 1974 Supplement) be
and they are hereby repealed and re-enacted, with
amendments, to read as follows:

Article 23 — Corporations

451.

A nonstock, nonprofit corporation is created, which
shall be known as the Maryland Credit Union Insurance
Corporation, and the members of which shall be certain
[eligible credit union associations of this State, as
defined in § 135 of Article 11] [[CREDIT UNIONS CHAPTERED
AND EXISTING UNDER THE LAWS OF THIS STATE AND FOREIGN
CREDIT UNIONS DULY AUTHORIZED TO DO BUSINESS IN THIS
STATE. FOREIGN CREDIT UNIONS SHALL NOT BE REQUIRED TO BE
MEMBERS OF THE CORPORATION IF THEY ARE INSURED TO A
COMPARABLE EXTENT BY ANOTHER INSURANCE PLAN AS DETERMINED
BY THE SUPERVISOR]] ELIGIBLE CREDIT UNION ASSOCIATIONS OF

THIS STATE, AS DEFINED IN SECTION 135 OF ARTICLE 11.

Except as otherwise provided in this subheading, the
corporation possesses all the powers, privileges, and
immunities which now are or hereafter may be conferred on
corporations by the general corporation law applicable to