HARRY HUGHES, Governor

395

INVESTIGATIONS OF ANY MEMBER TO DETERMINE THE MEMBER'S
FINANCIAL CONDITION AS IT RELATES TO INSURANCE OF SHARE AND
DEPOSIT ACCOUNTS. THESE AUDITS AND INVESTIGATIONS SHALL BE
MADE AT THE EXPENSE OF THE CREDIT UNION.

REVISOR'S NOTE: This section presently appears as the
last sentence of Art. 23, § 455.

The only changes are in style.

7-113. COOPERATION AND EXCHANGE OF INFORMATION.

(A)   APPLICATION OF SECTION.

THIS SECTION APPLIES NOTWITHSTANDING ANY OTHER
PROVISIONS OF LAW.

(B)   WITH BANK COMMISSIONER.

(1)   THE CORPORATION AND THE BANK COMMISSIONER
MAY EXCHANGE INFORMATION ABOUT CREDIT UNIONS.

(2)   THE BANK COMMISSIONER SHALL MAKE AVAILABLE
TO THE CORPORATION ALL EXAMINATIONS OF CREDIT UNIONS THAT
ARE MEMBERS OF THE CORPORATION.

(C)   WITH OTHER AGENCIES.

IF A CREDIT UNION IS NOT INCORPORATED UNDER THE LAWS OF
THIS STATE, THE CREDIT UNION MAY NOT BE ACCEPTED AS A MEMBER
OF THE CORPORATION UNLESS IT SUBMITS A WRITTEN STATEMENT
FROM THE AGENCY THAT REGULATES IT STATING THAT THE AGENCY
WILL COOPERATE WITH THE BANK COMMISSIONER IN CARRYING OUT
THE PROVISIONS OF THIS TITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first and
second sentences of Art. 23, § 455.

As to subsection (a) of this section, see
revisor's note to § 6—308 of this article.

7-114. EARNINGS TO BE ACCUMULATED.

THE NET EARNINGS OF THE CORPORATION SHALL BE
ACCUMULATED AND MAY NOT BE RETURNED TO ITS MEMBERS.

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

The only changes are in style.

7-115. APPLICATION OF STATE INSURANCE LAWS.

THE CORPORATION, ITS MEMBERS, AND PERSONS WHO HAVE
SHARE AND DEPOSIT ACCOUNTS IN CREDIT UNIONS ABE NOT SUBJECT
TO THE PROVISIONS OF ARTICLE 48A OF THE CODE "INSURANCE" AS