3842                                                      VETOES

(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) THE FUNCTIONS OF THIS CORPORATION ARE AN ESSENTIAL
GOVERNMENTAL FUNCTION.

(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.

7-104.

(a)(1) The Corporation exercises its powers and performs
its duties subject to the authority of the Bank Commissioner.

(2) THE CORPORATION SHALL BE SUBJECT TO AUDIT BY THE
LEGISLATIVE AUDITOR.

(h) The Corporation may invest any of its funds in: :

(1) Cash (1) CASH or deposits in checking or savings
accounts with or certificates of deposit of:

(i) (1) (I) Any bank that is a member of
the Federal Deposit Insurance Corporation; and

(ii) (2) (II) Any savings and loan
association that is a member of the Federal Savings and Loan
Insurance Corporation[, the Maryland Savings-Share Insurance
Corporation, or a similar insurance program] ; .

(2) Cash or deposits in share or deposit accounts
with or certificates of deposit or notes of any credit union that
is a member of the Corporation, the National Credit Union
Administration Share Insurance Program, or a similar insurance
program;

(3) Obligations of[: