HARRY HUGHES, Governor                                      3841

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
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 SHARE INSURANCE PROGRAM; [and] OR

(2) [If authorized by the board of directors of the
credit union, may participate] PARTICIPATE in and [be] HAVE ITS
MEMBER ACCOUNTS insured under the National Credit Union
Administration Share Insurance Program.

(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.