3190

LAWS OF MARYLAND

[Ch. 717

corporations organized thereunder. The board of
directors may adopt and promulgate bylaws, rules, and
regulations which conform to the reasonable intent and
purposes of this subheading. The rules and regulations
adopted shall be filed with the [Bank Commissioner]
SUPERVISOR.

452.

[(a) The purposes of the corporation are to promote
the elasticity and flexibility of the resources of
associations, to provide for the liquidity of member
associations through a central reserve fund, and to
insure the credit accounts of the member associations.]

(A) THE PURPOSES OF THIS CORPORATION ARE TO IMPROVE
AND STIMULATE THE ABILITY OF CREDIT UNIONS DOING BUSINESS
IN THIS STATE TO PROVIDE [[LAW]] LOW-COST CONSUMER LOANS,
TO PROMOTE THE ELASTICITY AND FLEXIBILITY OF THE
RESOURCES OF CREDIT UNIONS, TO MAKE LOANS FOR LIQUIDITY
PURPOSES TO CREDIT UNIONS, TO DISCOUNT NOTES OF CREDIT
UNIONS, TO PROVIDE A STATE SERVICE OF INTERLENDING FOR
CREDIT UNIONS, TO AID IN THE REHABILITATION AND
STABILIZATION OF CREDIT UNIONS, TO AID IN THE ORDERLY
LIQUIDATION OF CREDIT UNIONS WHEN NECESSARY, TO AID IN
THE STRENGTHENING AND DEVELOPMENT OF CREDIT UNIONS
SERVING LOW-INCOME PERSONS, TO INSURE AND GUARANTEE THE
SHARE AND DEPOSIT ACCOUNTS OF MEMBER CREDIT UNIONS, AND
TO COOPERATE WITH AND ASSIST CREDIT UNIONS, ORGANIZATIONS
OF CREDIT UNIONS, THE SUPERVISOR OF CREDIT UNIONS OF THIS
STATE, THE NATIONAL CREDIT UNION ADMINISTRATION, THE
CENTRAL CREDIT UNION OF MARYLAND, AND OTHERS FOR THE
PURPOSE OF IMPROVING THE GENERAL WELFARE OF THE PEOPLE
THROUGH CREDIT UNIONS.

(b) In furtherance of these purposes the corporation
has the following powers, subject to approval by the
[Bank Commissioner] SUPERVISOR:

[(1) To provide for the liquidity of
associations through the creation of a central reserve
fund for the purpose of making loans to member
associations.

(2) To insure the credit accounts of member
associations through the creation of a central insurance
fund.]

(1)    TO PROVIDE FOR THE LIQUIDITY OF CREDIT
UNIONS AND TO AID CREDIT UNIONS TO OPERATE THROUGH THE
MAKING OF LOANS AND ADVANCEMENT OF FUNDS TO CREDIT UNIONS
IN ACCORDANCE WITH AGREED TERMS.

(2)     TO INSURE AND GUARANTEE THE SHARE AND