380

LAVS OF MARYLAND

Ch. 33

TAXATION.

(E)   WHEN DISSOLUTION EFFECTIVE.

WHEN THE CERTIFICATE IS FILED WITH THE STATE DEPARTMENT
OF ASSESSMENTS AND TAXATION, THE CREDIT UNION IS DISSOLVED.

(F)   BINDING UP.

(1)   ON DISSOLUTION, A CREDIT UNION MAY OPERATE
ONLY TO WIND UP ITS BUSINESS AND AFFAIRS.

(2)   UNDER THE DIRECTION OF THE BANK
COMMISSIONER, THE BOARD OF DIRECTORS OF THE DISSOLVED CREDIT
UNION SHALL:

(I)   DISCHARGE ITS DEBTS AND OBLIGATIONS;

(II)   COLLECT AND DISTRIBUTE ITS ASSETS;
AND

(III)   DO ANYTHING ELSE NECESSARY TO WIND
UP ITS BUSINESS AND AFFAIRS.

(3)   FOR 3 YEARS AFTER THE DISSOLUTION BECOMES
EFFECTIVE, THE CREDIT UNION, ACTING BY ITS BOARD OF
DIRECTORS:

(I)   SHALL CONTINUE IN EXISTENCE FOR THE
PURPOSE OF WINDING UP ITS BUSINESS AND AFFAIRS; AND

(II)   MAY SUE AND BE SUED IN ITS NAME.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §
157(a).

In subsection (d) (1) of this section, the present
statement "that such consent and statement have
been filed" is deleted as unnecessary in light of
the required general statement that the credit
union appears to have complied with this section.

As to subsection (f)(3) of this section, the
present statute is unclear as the intended
applicability of the phrase "for a period of
three years". The Commission to Revise the
Annotated Code has revised the section in
accordance with what it considers to have been
the intent of the General Assembly.

As to subsection (c)(2) of this section and
verifications generally, see § 1—202 of this
article.

As to subsection (d) of this section and the
requirement that the Bank Commissioner find the