HARRY HUGHES, Governor

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insured by the Maryland Credit Union Insurance Corporation;
requiring a credit union to be a member of either the Credit
Union Insurance Corporation or the National Credit Union
Administration Share Insurance Insurance Program; requiring
the Banking Commissioner to approve the voluntary
termination by a credit union of insurance under the
National Credit Union Administration Share Insurance
Program; limiting the amount of insurance per depositor
member account to a certain amount; repealing a term in the

title of the Insurance Corporation clarifying the

independent and private nature of the Credit Union Insurance
Corporation; providing for the construction of certain
terms; and providing for the effective date of this Act.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 6-601 6-208, 6-307(c)(2), 6-402(b), 6-601, 7-101(b),

7-102, and 7-105
Annotated Code of Maryland
(1980 Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

6-208.

Notwithstanding any other provision of this title, on
approval of the Bank Commissioner and the [Maryland] Credit Union
Insurance Corporation, a credit union may engage in any
additional credit union activity or provide any related service
under the same conditions that federal law OR REGULATION requires
or permits as to federal credit unions.

6-307.

(c) If the credit union fails to comply with the order
within 60 days after it becomes effective, the Bank Commissioner

may:

(2) Order the [Maryland] Credit Union Insurance
Corporation to take possession of the business and assets of the
credit union and operate it in accordance with the Bank
Commissioner's instructions until the Bank Commissioner permits
it to resume business or until the Bank Commissioner orders its
liquidation under item (3) of this subsection; or

6-402.

(b) The board of directors shall set the dividend rate and
shall notify the [Maryland] Credit Union Insurance Corporation