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LAWS OF MARYLAND

Ch. 105

CHAPTER 106

(Senate Bill 226)

AN ACT concerning

Credit Unions - Charters

FOR the purpose of changing the voting requirements
necessary to approve the conversion of a credit union
organized under the laws of another State or of the
United States to a State credit union.

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section 6-701.1(e)
Annotated Code of Maryland
(1980 Volume and 1980 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Financial Institutions

6-701.1.

(e) (1) The proposed conversion shall be approved by
the WRITTEN affirmative vote of a majority of the [members
voting at a meeting called for that purpose] ENTIRE
MEMBERSHIP OF THE CREDIT UNION.

(2) Within 10 days after the vote, a statement
of the results of the vote shall be filed with the Bank
Commissioner. The statement shall be verified by the
president or vice president and the secretary.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved April 28, 1981.

CHAPTER 107
(Senate Bill 233)

AN ACT concerning