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906
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Ch. 231
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LAWS OF MARYLAND
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(1) All of the requirements of this title for the
incorporation of a credit union in this State; and
(2) All of the requirements of the Bank Commissioner.
(c) A majority of the board of directors of a credit union
proposing to convert shall:
(1) Adopt a resolution that declares that the
conversion is advisable; and
(2) Set a date for a vote on the proposed conversion
by the members of the credit union, either at a meeting to be
held on that date or by written ballot to be filed on or before
that date.
(d) Written notice of the proposed conversion and of the
date set for the vote shall be delivered in person to each member
or mailed to each member at the member's address as recorded by
the credit union, not more than 30 days nor less than 7 days
before the date set for the vote.
(e) (1) The proposed conversion shall be approved by the
[written] affirmative vote of a majority of the [entire
membership of the credit union] MEMBERS VOTING AT A MEETING
CALLED FOR THAT PURPOSE.
(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.
(f) When the conversion is complete, the successor credit
union owns all of the assets and is responsible for all the
obligations of the credit union as though the conversion had not
taken place.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 10, 1983.
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CHAPTER 232
(House Bill 656)
AN ACT concerning
St. Mary's County - Water Supply and Sewerage Systems
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