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LAWS OF MARYLAND

Ch. 33

clause of Art. 23, § 461.

See also § 1—101 of this article for other
applicable definitions.

(B) CORPORATION.

"CORPORATION" MEANS THE MARYLAND CREDIT UNION
INSURANCE CORPORATION.

REVISOR'S NOTE: This subsection presently appears as
Art. 23, § 461 (1).

No changes are made.

(C) CREDIT UNION.

"CREDIT UNION" MEANS:

(1) ANY CREDIT UNION THAT IS INCORPORATED
THE LAWS OF THIS STATE; AND

UNDER

(2) ANY OTHER CREDIT UNION THAT IS AUTHORIZED TO
DO BUSINESS IN THIS STATE AND HAS ITS PRINCIPAL OFFICE IN
THIS STATE.

REVISOR'S NOTE: This subsection presently appears as
Art. 23, § 461 (4).

It is unclear whether the last clause of present
Art. 23, § 461(4) — "and each federal or foreign
association must have its principal offices in
this State" — is intended as a substantive
requirement that a federal or foreign credit
union must have its principal office in this
State before it can do business here, or merely
that it must do so to be considered a "credit
union" for purposes of this subtitle. Since this
title does not otherwise relate to the requisites
of doing business in this State, the revision
adopts the latter view.

The only other changes are in style.

Although federal credit unions are included in
this definition of "credit union", they need not
be insured by the Corporation.

REVISOR'S NOTE TO SECTION: Present Art. 23, § 461(2)
and (3), which defines "Supervisor" to mean the
Bank Commissioner and "Directors" to mean the
board of directors of the Corporation, is deleted
and the appropriate references inserted where
applicable.

7-102. CORPORATION ESTABLISHED.