396

LAWS OF MARYLAND

Ch. 33

A RESULT OF ANY OF THE ACTIVITIES OF THE CORPORATION UNDER
THIS TITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, § 458.

7-116. EXEMPTION FROM TAXATION.

THE CORPORATION IS EXEMPT FROM ALL SPECIAL AND ORDINARY
TAXES IMPOSED BY THIS STATE OR ANY OF ITS POLITICAL
SUBDIVISIONS, INCLUDING ANY STATE OR LOCAL INCOME TAX AND
ANY DOCUMENTARY STAMP OR TRANSFER TAX.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, § 462.

7-117. STATE'S CREDIT NOT PLEDGED.

THIS TITLE DOES NOT, AND THE CORPORATION MAY NOT,
PLEDGE THE FAITH OR CREDIT OF THIS STATE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, § 456.

7-118. TERMINATION OF TITLE.

SUBJECT TO THE EVALUATION AND REESTABLISHMENT
PROVISIONS OF THE REGULATORY PROGRAMS EVALUATION ACT OF
1978, THE PROVISIONS OF THIS TITLE THAT CREATE THE MARYLAND
CREDIT UNION INSURANCE CORPORATION AND RELATE TO THE
REGULATION OF CREDIT UNIONS AND ANY REGULATIONS ADOPTED
UNDER THIS TITLE SHALL TERMINATE AND BE OF NO EFFECT AFTER
JULY 1, 1982.

REVISOR'S NOTE: This section presently appears as Art.
23, § 465A.

The only changes are in style.

As to the Regulatory Programs Evaluation Act of
1978, see Art. 41, § 484 et seq. of the Code.

Note that this section is somewhat anomalous in
that it does not refer to present Art. 11, § 140A
— now § 6—601 of this article — which requires
State credit unions to be insured by the
Corporation.

GENERAL REVISOR'S NOTE:

In revising this title, the Commission to Revise the
Annotated Code of Maryland deleted as obsolete present Act.
23, § 464, which required the board of directors to file a
certificate of commencement of business after the
organization meeting, and present Art. 23, § 465, which
would have terminated the existence of the Corporation if it
failed to insure any accounts before July 1, 1976. On