HARRY HUGHES, Governor                                      3297

(4) Any other kind of security that is approved by
the Bank Commissioner.

SECTION 2. AND BE IT FURTHER ENACTED, That if any provision
of this Act or the application thereof to any person or
circumstance is held invalid for any reason, the invalidity shall
not affect the other provision or any other application of this
Act which can be given effect without the invalid provision of
application, and to this end all provisions of this Act are
declared to be severable.

SECTION 2 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1986.

Approved May 27, 1986.

CHAPTER 836

(House Bill 250)

AN ACT concerning

Financial Institutions - Credit Unions - Penalties

FOR the purpose of requiring the Bank Commissioner to immediately
report violations of the credit union provisions to the
Secretary of Licensing and Regulation and to the Attorney
General; requiring the Secretary of Licensing to request

that the Attorney General institute certain actions;

requiring the Bank Commissioner to provide written warning
to a director, officer, committee member, agent, or employee
of a credit union who violates certain provisions of law;
permitting the Bank Commissioner to remove the director,
officer, committee member, agent, or employee if a violation
continues after a warning is given; providing certain
penalties; and generally relating to penalties for
violations of law regarding credit unions.

BY adding to

Article - Financial Institutions
Section 6-307(d) 6-307.1
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