HARRY HUGHES, Governor

389

Although present Art. 23, § 452(b)(2) is listed
among the various "powers" of the Corporation,
this result is derived from the last sentence of
that provision, which states that the amount of
loss "may not be less than" specified amounts.

In subsection (b) (2) of this section, the present
reference to the requisite "approval" of the Bank
Commissioner is deleted as unnecessary since,
under § 7—111(b) of this title, all rules and
regulations require the Bank Commissioners
approval before they become effective.

As to subsection (b) of this section, the statute
is silent as to the meaning of "account", leaving
open the possibility of one depositor "splitting"
a large account into several smaller ones. In
practice, the Corporation does insure multiple
accounts in the same manner that the Federal
Deposit Insurance Corporation does. Clarifying
legislation might be appropriate.

7-106. MEMBERSHIP — APPLICATIONS.

(A)   APPLICATION AND REFERRAL.

(1)   ANY CREDIT UNION MAY APPLY TO THE
CORPORATION TO BECOME A MEMBER OF THE CORPORATION.

(2)   THE CORPORATION SHALL REFER EACH APPLICATION
THAT IT RECEIVES TO THE BANK COMMISSIONER.

(B)   CONSIDERATION BY BANK COMMISSIONER.

ON RECEIPT OF AN APPLICATION FOR MEMBERSHIP, THE BANK
COMMISSIONER SHALL EXAMINE THE AFFAIRS OF THE CREDIT UNION.
IF THE BANK COMMISSIONER FINDS THAT THE CREDIT UNION
QUALIFIES FOR MEMBERSHIP UNDER § 7-107 OF THIS TITLE, THE
COMMISSIONER SHALL CERTIFY THAT FACT TO THE CORPORATION.

(C)   NO BENEFITS UNTIL QUALIFICATIONS CERTIFIED.

THE CORPORATION MAY NOT EXTEND BENEFITS TO ANY CREDIT
UNION UNTIL THE CORPORATION RECEIVES THE CERTIFICATION OF
THE BANK COMMISSIONER.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, § 463.

In subsection (c) of this section, the present
requirement that the Corporation must first have
accepted for membership credit unions with a
certain total of accounts is deleted as obsolete.

Note that, for purposes of membership in the
Corporation, "credit union" is defined in § 7—101
of this title to include both State credit unions