3196

LAWS OF MARYLAND

[Ch. 717

new bylaws, rules, and regulations will become effective
only after submission to and obtaining the approval of
the supervisor, whose approval may be denied only if he
has reason to believe that the principles and purposes of
this subheading will be subverted [thereby] or if the
best interests of the public will not be promoted
[thereby]. Unless the supervisor within 30 days after
submission notifies the corporation of his disapproval
and [state] STATES the grounds [therefor], the
amendments, bylaws, rules, and[/or] regulations SO
SUBMITTED SHALL BE DEEMED APPROVED. AS ONE REGULATION,
the board of directors from time to time [establishes]
SHALL ESTABLISH a limit on the amount of insurance which
may be provided for each separate [credit account of an
association] SHARE AND DEPOSIT ACCOUNT [[OF]] IN A CREDIT
UNION.

458.

Neither the corporation, the member [associations]
CREDIT UNIONS, nor those persons having [credit] SHARE
AND DEPOSIT accounts [therein,] are subject to the
provisions of Article 48A of this Code, title
"Insurance," by reason of participation herein.

461.

[As used herein,] IN THIS SUBTITLE the following
words have the meanings indicated unless the context
clearly requires a different meaning:

(1)     "Corporation" means the Maryland Credit
Union Insurance Corporation [created hereby].

(2)      "Supervisor" means the Banking
Commissioner of this State OR, UNDER ANY FUTURE
REORGANIZATION OF STATE GOVERNMENT, THAT AGENCY
RESPONSIBLE FOR SUPERVISION OF CREDIT UNIONS CHARTERED
UNDER THE LAWS OF THIS STATE.

(3)    "Directors" means the board of directors
of the Maryland Credit Union Insurance Corporation.

[(4) "Association" means any credit union
association organized under the laws of this State and
foreign credit unions duly authorized to do business in
this State, and each federal or foreign association must
have its principal offices in this State.

(5) "Credit Accounts" means share and deposit
accounts.]

(4)   "CREDIT UNION" MEANS ANY CREDIT UNION
CREATED OR EXISTING UNDER THE LAWS OF [[THE UNITED