MARVIN MANDEL, Governor

3195

application for membership accepted by the board of
directors, which acceptance shall not be denied except
for good cause shown. Every credit union [association of
this State as defined in § 461 shall become a member of
the corporation and] MEMBER OF THE CORPORATION SHALL
invest in and pay assessments, premiums, and other
charges as required for participation in the
corporation[.]; EXCEPT THAT IF THE DIRECTORS OF THE
CORPORATION ASCERTAIN EVIDENCE OF CARELESSNESS, UNSOUND
PRACTICES, OF MISMANAGEMENT OF ANY MEMBER CREDIT UNION
WHICH APPEARS TO ADVERSELY AFFECT THE SOLVENCY OF
LIQUIDITY OF THE CREDIT UNION OR THREATEN UNDUE LOSS TO
THE CORPORATION, THE DIRECTORS MAY ORDER THAT CORRECTIVE
ACTION BE TAKEN OR, AFTER DUE NOTICE AND WITH THE
APPROVAL OF THE SUPERVISOR, REVOKE THE CREDIT UNION'S
MEMBERSHIP IN THE CORPORATION. A FOREIGN MEMBER CREDIT
UNION MAY WITHDRAW FROM THE CORPORATION UPON WRITTEN
NOTICE GIVEN ONE YEAR IN ADVANCE OF THE INTENDED DATE OF
WITHDRAWAL AND UPON COMPLYING WITH THE BYLAWS, RULES, AND
REGULATIONS OF THE CORPORATION, Membership in the
corporation is for the life of the corporation, subject
to the bylaws, rules, and regulations of the corporation.

455.

No provision of law may be construed and applied to
prevent a proper exchange of information relating to
[associations] CREDIT UNIONS and their business between
the supervisor and representatives of the Maryland Credit
Union Insurance Corporation[.]; AND THE SUPERVISOR SHALL
MAKE AVAILABLE TO REPRESENTATIVES OF THE CORPORATION ALL
EXAMINATION REPORTS OF MEMBER CREDIT UNIONS. BEFORE ANY
CREDIT UNION WHICH IS NOT CHARTERED UNDER THE LAWS OF
THIS STATE MAY BE [[ADMITTD]] ADMITTED TO MEMBERSHIP,
WRITTEN AUTHORIZATION FROM ITS SUPERVISORY AGENCY SHALL
BE SUBMITTED IN WHICH THE SUPERVISORY AGENCY SHALL AGREE
TO COOPERATE WITH THE SUPERVISOR OF THIS STATE IN
FULFILLING THE SHARE AND DEPOSIT INSURANCE LAWS OF THIS
STATE WITH RESPECT TO CREDIT UNIONS. THE CORPORATION MAY
REQUIRE INDEPENDENT AUDITS AND INVESTIGATIONS OF ANY
MEMBER CREDIT UNION IN ORDER TO LEARN OF THE FINANCIAL
CONDITION OF THE CREDIT UNION AS IT RELATES TO INSURANCE
OF SHARE AND DEPOSIT ACCOUNTS, WHICH COST WILL BE BORNE
BY THE CREDIT UNION.

457.

Promptly upon its appointment, and before the
acceptance of the membership of any [associations] CREDIT
UNIONS the temporary board of directors shall promulgate
bylaws, rules, and regulations as necessary and proper to
carry out the provision hereof and as not inconsistent
herewith. Thereafter, the bylaws, rules, and regulations
so adopted may be amended or revoked, and amendments and