MARVIN MANDEL, Governor

3197

STATES, ANY STATE, OR THE DISTRICT OF COLUMBIA]] THIS
STATE AND FOREIGN CREDIT UNIONS AUTHORIZED TO DO BUSINESS
IN THIS STATE, AND EACH FEDERAL OR FOREIGN ASSOCIATION
BUST HAVE ITS PRINCIPAL OFFICES IN THIS STATE.

463.

All applications from [associations] CREDIT UNIONS
for membership received by the corporation [[prior to
August 1, 1974,]] shall be referred to the supervisor.
The supervisor shall examine the affairs of all
applicants and if he finds the applicants meet the
qualifications for membership in the corporation set
forth [herein] under § 454, he shall [so] certify them.

The corporation shall not extend the benefits to be
accorded to member [associations] CREDIT UNIONS to any
applicant, until;

(1)        It has received the report and
recommendation [as provided herein] from the supervisor
as to each [such] application [so filed prior to August
1, 1974, and has acted thereon]; and

(2)       It has accepted for membership a
minimum of [associations, having credit] CREDIT UNIONS
HAVING SHARE AND DEPOSIT accounts in the aggregate total
of at least $20,000,000.

465.

If the corporation fails to insure any [credit]
SHARE AND DEPOSIT accounts by [July 1, 1975] [[JANUARY
1]] JULY 1, 1976, its existence terminates at that time,
and without further action by the General Assembly and
the Governor of Maryland the provisions of this
subheading then are null and void.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved May 15, 1975.

CHAPTER 718
(House Bill 815)

AN ACT concerning