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2962 LAWS OF MARYLAND Ch. 778
and supply a report of financial condition whenever the dividend
rate is changed.
6-601.
(A) Each credit union incorporated under the laws of this
State SHALL:
(1) Shall be BE a member of the Maryland Credit Union
Insurance Corporation and be HAVE ITS MEMBER ACCOUNTS insured by
that Corporation to the extent permitted by it ON THE SAME BASIS
AND TO THE SAME EXTENT AND AMOUNT AS PROVIDED BY THE NATIONAL
CREDIT UNION ADMINISTRATION SHARE INSURANCE PROGRAM; [and] OR
(2) If authorized by the board of directors of the
credit union, may SHALL participate PARTICIPATE in and be HAVE
ITS MEMBER ACCOUNTS insured under the National Credit Union
Administration Share Insurance Program, IN WHICH CASE IT NEED NOT
BE A MEMBER OF OR BE INSURED BY THE MARYLAND CREDIT UNION
INSURANCE CORPORATION.
(B) NO CREDIT UNION MAY VOLUNTARILY TERMINATE ITS INSURANCE
WITH THE NATIONAL CREDIT UNION ADMINISTRATION SHARE INSURANCE
PROGRAM WITHOUT PRIOR APPROVAL OF THE BANK COMMISSIONER.
7-101.
(b) "Corporation" means the [Maryland] Credit Union
Insurance Corporation.
7-102.
(A) There is a [Maryland] Credit Union Insurance
Corporation, established as a nonprofit, nonstock corporation,
the members of which are credit unions that are accepted for'
membership under this title.
(B) (1) THE CORPORATION IS NOT AND MAY NOT BE DEEMED A
DEPARTMENT, UNIT, AGENCY, OR INSTRUMENTALITY OF THE STATE FOR ANY
PURPOSE.
(2) ALL DEBTS, CLAIMS, OBLIGATIONS, AND LIABILITIES
OF THE CORPORATION, WHENEVER INCURRED, SHALL BE THE DEBTS,
CLAIMS, OBLIGATIONS, AND LIABILITIES OF THE CORPORATION ONLY AND
NOT OF THE STATE, ITS AGENCIES, INSTRUMENTALITIES, OFFICERS, OR
EMPLOYEES.
(3) THE CORPORATION MONEYS MAY NOT BE CONSIDERED PART
OF THE GENERAL FUND OF THE STATE.
(4) THE STATE MAY NOT BUDGET FOR OR PROVIDE GENERAL
FUND APPROPRIATIONS TO THE CORPORATION; AND THE DEBTS, CLAIMS,
OBLIGATIONS, AND LIABILITIES OF THE CORPORATION MAY NOT BE
CONSIDERED TO BE A DEBT OF THE STATE OR A PLEDGE OF ITS CREDIT.
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