HARRY HUGHES, Governor

383

THERE IS A MARYLAND CREDIT UNION INSURANCE CORPORATION,
ESTABLISHED AS A NONPROFIT, NONSTOCK CORPORATION, THE
MEMBERS OF WHICH ARE CREDIT UNIONS THAT ARE ACCEPTED FOR
MEMBERSHIP UNDER THIS TITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first
sentence of Art. 23, § 451.

It is set forth as a separate section for
emphasis.

The phrase "accepted for membership under this
title" is substituted for the limitation
"organized under the laws of this State", for
accuracy. Under § 7—106 of this title,
membership is not limited to Maryland credit
unions.

7-103. PURPOSES OF CORPORATION.

THE PURPOSES OF THE CORPORATION ARE TO:

(1)       INSURE AND GUARANTEE THE SHARE AND DEPOSIT
ACCOUNTS OF MEMBER CREDIT UNIONS;

(2)       IMPROVE AND STIMULATE THE ABILITY OF CREDIT
UNIONS TO PROVIDE LOW-COST CONSUMER LOANS;

(3)       PROMOTE THE ELASTICITY AND FLEXIBILITY OF
THE RESOURCES OF CREDIT UNIONS;

(4)       MAKE LOANS FOR LIQUIDITY PURPOSES TO CREDIT
UNIONS;

(5)       DISCOUNT NOTES OF CREDIT UNIONS;

(6)       PROVIDE A STATE SERVICE OF LENDING AMONG
CREDIT UNIONS;

(7)       HELP REHABILITATE AND STABILIZE CREDIT
UNIONS;

(8)       HELP LIQUIDATE CREDIT UNIONS IN AN ORDERLY
MANNER WHEN NECESSARY;

(9)       HELP STRENGTHEN AND DEVELOP CREDIT UNIONS
SERVING LOW-INCOME INDIVIDUALS; AND

(10)      COOPERATE WITH AND ASSIST CREDIT UNIONS,
ORGANIZATIONS OF CREDIT UNIONS, THE BANK COMMISSIONER, THE
NATIONAL CREDIT UNION ADMINISTRATION, THE CENTRAL CREDIT
UNION OF MARYLAND, AND OTHERS IN IMPROVING THE GENERAL
WELFARE OF THE PEOPLE THROUGH CREDIT UNIONS.

REVISOR'S NOTE: This section presently appears as Art.
23, § 452(a).