MARVIN MANDEL, Governor                               917

CHAPTER 341
(Senate Bill 922)

AN ACT concerning

Credit Unions — Members

FOR the purpose of redefining who constitutes a member of
a credit union in order to permit corporations,
partnerships and other entities to become members.

BY repealing and reenacting, with amendments,

Article — Corporations and Associations

Section 6-309

Annotated Code of Maryland

(1975 Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 6-309 of Article - Corporations
and Associations, of the Annotated Code of Maryland (1975
Volume and 1975 Supplement) be and it is hereby repealed
and reenacted, with amendments, to read as follows:

Article — Corporations and Associations

6-30 9.

The members of a credit union shall include every:

(1)         Incorporator; and

(2)         [Individual] PERSON who:

(i) Is elected to membership;

(ii) Subscribes to and pays in whole or
part for at least one share;

(iii) Pays in whole or part any entrance
fee; and

(iv) Complies with every other
requirement of the bylaws.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 4, 1976.

CHAPTER 342