HARRY HUGHES, Governor

379

change.

Subsection (f) of this section is new language
added to assure a timely updating of the records
of the State Department of Assessments and
Taxation, with which the original articles of
incorporation were filed.

Present CA § 6-326(e), which speaks to the
permitted merger of credit unions chartered under
different acts, is deleted as unnecessary in
light of the broad statement in subsection (a) of
this section, authorizing "any" credit union to
merge into "any other" credit union.

The only other changes are in style.

6-703. VOLUNTARY DISSOLUTION.

(A)   GENERAL RULE.

ANY CREDIT UNION MAY DISSOLVE VOLUNTARILY, IF THE
MEMBERS OF THE CREDIT UNION AND THE BANK COMMISSIONER
APPROVE THE DISSOLUTION AS PROVIDED IN THIS SECTION.

(B)   APPROVAL BY MEMBERS.

(1)   A PROPOSED DISSOLUTION SHALL BE APPROVED AT
A MEETING CALLED FOR THAT PURPOSE BY THE AFFIRMATIVE VOTE OF
80 PERCENT OF THE ENTIRE MEMBERSHIP OF THE CREDIT UNION.

(2)   EACH MEMBER WHO VOTES FOR THE DISSOLUTION
SHALL SIGN A STATEMENT OF CONSENT TO THE DISSOLUTION.

(C)   FILING WITH COMMISSIONER.

AFTER A PROPOSED DISSOLUTION IS APPROVED BY THE
MEMBERS, THE CREDIT UNION SHALL FILE WITH THE BANK
COMMISSIONER:

(1)   A COPY OF THE STATEMENT OF CONSENT, ATTESTED
TO BY ITS PRESIDENT OR A VICE PRESIDENT AND BY ITS SECRETARY
OR TREASURER; AND

(2)   A VERIFIED STATEMENT OF THE NAMES AND
ADDRESSES OF ITS OFFICERS AND DIRECTORS.

(D)   APPROVAL BY BANK COMMISSIONER; FILING WITH
ASSESSMENTS AND TAXATION.

(1) IF THE BANK COMMISSIONER FINDS THAT THE
CREDIT UNION IS SOLVENT, THE BANK COMMISSIONER SHALL ISSUE
TO THE CREDIT UNION DUPLICATE CERTIFICATES STATING THAT THE
CREDIT UNION APPEARS TO HAVE COMPLIED WITH THIS SECTION.

(2) THE CREDIT UNION SHALL FILE ONE OF THE
CERTIFICATES WITH THE STATE DEPARTMENT OF ASSESSMENTS AND