HARRY HUGHES, Governor

381

credit union to be solvent, see also § 6—307 of
this title, which authorizes the Bank

Commissioner to take possession of a credit union
that is insolvent.

6-704. VOLUNTARY RECEIVERSHIP.

(A)   GENERAL RULE.

ANY CREDIT UNION VOLUNTARILY MAY PLACE ITS BUSINESS AND
ASSETS IN THE HANDS OF THE BANK COMMISSIONER FOR LIQUIDATION
AS PROVIDED IN THIS SECTION.

(B)   APPROVAL BY MEMBERS.

THE PROPOSED ACTION SHALL BE APPROVED BY THE
AFFIRMATIVE VOTE OF A MAJORITY OF THE MEMBERS PRESENT AT A
MEETING CALLED FOR THAT PURPOSE.

(C)   CERTIFICATION TO BANK COMMISSIONER.

AFTER THE ACTION IS APPROVED BY THE MEMBERS, THE PROPER
OFFICERS OF THE CREDIT UNION SHALL CERTIFY THE ACTION OF THE
MEMBERS TO THE BANK COMMISSIONER, AND THE BANK COMMISSIONER
SHALL POST A NOTICE AT EACH OFFICE OF THE CREDIT UNION THAT
STATES: "THIS CREDIT UNION IS IN THE HANDS OF THE MARYLAND
BANK COMMISSIONER FOR LIQUIDATION."

(D)      LIQUIDATION.

IF A CREDIT UNION IS PLACED IN THE HANDS OF THE BANK
COMMISSIONER UNDER THIS SECTION, THE BANK COMMISSIONER SHALL
PLACE THE CREDIT UNION IN RECEIVERSHIP FOR LIQUIDATION IN
THE SAME MANNER AS PROVIDED FOR A BANKING INSTITUTION UNDER
TITLE 5, SUBTITLE 6 OF THIS ARTICLE.

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

In subsection (c) of this section, the phrase "at
each office" is substituted for the reference to
"the premise" {sic} of the credit union for
clarity.

TITLE 7. MARYLAND CREDIT UNION INSURANCE CORPORATION.

7-101. DEFINITIONS.

(A) IN GENERAL.

IN THIS TITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the introductory