MARVIN MANDEL, Governor

3191

DEPOSIT ACCOUNTS OF MEMBER CREDIT ONIONS IN ORDER THAT
THE SHAREHOLDINGS AND DEPOSITS OF ANY PERSON IN A MEMBER
CREDIT UNION SHALL BE PROTECTED OR GUARANTEED AGAINST
LOSS. THE AMOUNT LOSS TO BE PROTECTED OR GUARANTEED SHALL
BE ESTABLISHED FROM TIME TO TIME BY THE CORPORATION WITH
THE APPROVAL OF THE SUPERVISOR. HOWEVER, THE AMOUNT OF
LOSS TO BE PROTECTED OR GUARANTEED MAY NOT BE LESS THAN
[[$50,000]] $40,000 PER ACCOUNT OR A HIGHER AMOUNT IF SO
DETERMINED BY THE BOARD.

(3)     To borrow money and otherwise incur
indebtedness for any of its purposes; to issue its bonds,
debentures, notes, or other evidences of indebtedness,
whether secured or unsecured, therefor; and to secure the
same by mortgage, pledge, deed of trust, or other lien on
its property, rights, and privileges of every kind and
nature or any part thereof.

(4)      To lend money to, and to guarantee,
endorse, or act as surety on the bonds, notes, contracts,
or other obligations of, or otherwise assist financially,
any [association] CREDIT UNION; and to establish and
regulate the terms and conditions with respect to the
loans or financial assistance and the charges for
interest and service connected therewith;

(5)      To purchase, receive, hold, lease, or
otherwise acquire, and to sell, convey, Mortgage, lease,
pledge, or otherwise dispose of, upon terms and
conditions its board of directors deems advisable, real
and personal property, together with rights and
privileges incidental and appurtenant thereto and the use
thereof, including, but not restricted to, any real or
personal property acquired by the corporation from time
to time in the satisfaction of debts or enforcement of
obligations,

(6)     To invest any of its funds, upon proper
authorization [thereof] by the board of directors, in any
of the following:

(i) Cash or deposits in checking or

savings accounts, or under certificates of deposit in

national or State banking institutions, which are members
of the Federal Deposit Insurance Corporation.

[(ii) Savings and loan association share
accounts to the extent that the accounts are insured by
the Federal Savings and Loan Insurance Corporation or by
the Maryland Savings—Share Insurance Corporation.]

(II)CASH OR DEPOSITS IN ACCOUNTS, OR
UNDER CERTIFICATE OF DEPOSIT IN SAVINGS AND LOAN
ASSOCIATIONS, WHICH ARE MEMBERS OF THE FEDERAL SAVINGS