HARRY HUGHES, Governor

4785

5-605.

(b) [(1) The Bank Commissioner may petition for

appointment of the Federal Deposit Insurance Corporation as
receiver only of a banking institution that the Corporation
insures.

(2)] Appointment of the Federal Deposit

Insurance Corporation becomes effective when the Corporation
files with the court and the court approves a certificate of
acceptance.

6-214.

The board of directors shall:

(3) Set the amount of the [surety] FIDELITY bond
required for each officer who has custody of credit union
funds;

6-215.

(d) If the nominations of the nominating committee and
any petitioners provide at least one nominee for each
[office] DIRECTORSHIP to be filled, the secretary shall mail
to each member eligible to vote, at least 20 days before the
annual meeting:

(1)  A printed ballot, clearly identified as a
ballot, on which appears the name of each nominee, in
alphabetical order, and on which, in the form that the board
of directors approves, may appear after a nominee's name a
brief statement of the nominee's qualifications and
biographical information;

(2)  An envelope clearly marked with instructions
to place the completed ballot in the envelope and seal the
envelope;

(3)  An identification form to be; completed to
include the name, address, signature, and credit union
account number of the voter; and

(4)  A mailing envelope that is postage prepaid
and preaddressed for return to the tellers of the election
and into which the voter, in accordance with the
instructions provided, may place the sealed ballot envelope
and identification form.

6-302.

(b)(1) At least [twice a year] SEMIANNUALLY, the
supervisory committee shall audit the affairs of the credit
union and make a full report on its audit to the board of
directors. The report for the period ending December 31