3950                                                       VETOES

Sincerely,

/s/ Marvin Mandel

Governor

Senate Bill No. 530 — Credit Union Insurance Corporation

AN ACT concerning

Maryland Credit Union Insurance Corporation

FOR the purpose [[of broadening the Maryland Credit Union
Insurance Corporation to include foreign credit
unions authorized to do business in the state;]]
incorporating certain regulations governing foreign
credit unions; expanding the powers and purposes of
the Corporation; authorizing the deposit of
corporation funds in credit unions insured by the
Corporation; authorizing certain reinsurance
contracts; changing the terms of Corporation
directors; limiting the authority of the Directors
to fill a vacancy on the Board; extending the
terminal date by which the Corporation must be
operational; clarifying and changing certain
terminology and making certain other changes in the
Maryland Credit Union Insurance Corporation;
extending the date by which credit unions must be
insured; allowing the Bank Commissioner to order
the Corporation to operate a credit union in certain
circumstances; and clarifying language.

May 15, 1975.
Honorable Steny H. Hoyer
President of the Senate
State House
Annapolis, Maryland

Dear Mr. President:

In accordance with Article II, Section 17, of the
Maryland Constitution, I have today vetoed Senate Bill
530.

This bill extends the date by which certain credit
unions must be insured and relates generally to the
Maryland Credit Union Insurance Corporation.

House Bill 811, which was enacted by the General
Assembly and signed by me on May 15, 1975, accomplishes
the same purposes as Senate Bill 530.