HARRY HUGHES, Governor

3843

(i) The] THE United States, any state, or any
commission, instrumentality, agency, authority, or political
subdivision WHICH, IF RATED BY STANDARD AND POORS, ARE OF AT
LEAST GRADE A QUALITY WHEN ACQUIRED;[; and

(ii) Any corporation that is incorporated under
the laws of the United States or of any state;]

(4) Readily marketable, dividend paying shares of any
corporation that is incorporated under the laws of the United
States or of any state, except that it may not invest more than
10 percent of its total assets in these shares nor more than 3
percent of its total assets in the shares of any one corporation;
and

(5) Any other investments, including common trust
investments, that are permitted by law or authorized by the Bank
Commissioner for credit unions.

7-105.

(a) The Corporation shall insure and guarantee the share
and deposit accounts of each member to protect these accounts
against loss ON THE SAME BASIS, AND TO THE SAME EXTENT AND AMOUNT
AS PROVIDED BY THE NATIONAL CREDIT UNION SHARE INSURANCE PROGRAM.

(b) The amount of loss to be protected against shall be THE

SAME AMOUNT AS PROVIDED BY THE NATIONAL CREDIT UNION

ADMINISTRATION FOR FEDERALLY CHARTERED CREDIT UNIONS.[:

(1) $40,000 per account; or

(2) Any greater amount established from time to time
by the Corporation in its rules and regulations.]

(c) (B) The Corporation may make contracts for reinsurance.

7-109.

(a) The powers of the Corporation shall be exercised by its
board of directors.

(b)(1) The board of directors consists of 11 directors.

(2) Of the 11 directors:

(i) [8] 6 shall be elected by the members of
the Corporation; and

(ii) [3] 5 shall be appointed by the Governor
with the advice of the Secretary of Licensing and Regulation.

(c) Each director shall be a resident and registered voter
of this State.