Ch. 635                                          LAWS OF MARYLAND

(2)  Act on each application for membership and each
proposed expulsion of a member;

(3)  Set the amount of the fidelity bond required for
each officer who has custody of credit union funds;

(4)  Limit the number of shares that a member may
hold;

(5)  Limit the amount that the credit union may lend
to a member and set the interest rate on the loan;

(6)  Declare dividends;

(7)  Recommend amendments to the bylaws;

(8)  Fill any vacancy on the board of directors by
appointing an individual to serve until a successor is elected
and qualifies;

(9)  IN THE ABSENCE OF A CREDIT COMMITTEE, APPOINT ONE
OR MORE LOAN OFFICERS AND DELEGATE TO THOSE OFFICERS THE POWER TO
APPROVE OR DISAPPROVE LOANS AND LINES OF CREDIT;

(10)  IN THE ABSENCE OF A CREDIT COMMITTEE AND UPON
WRITTEN REQUEST OF A MEMBER, REVIEW A LOAN APPLICATION DENIED BY
A LOAN OFFICER;

(11)  Fill any vacancy on the supervisory committee or
A credit committee CREATED UNDER THE BYLAWS by appointing an
individual to serve until a successor is appointed and qualifies;

[(10)] (12) Have charge of the investment of credit
union funds, other than loans to members;

[(11)] (13) Set the amount of compensation for the
treasurer; and

[(12)] (14) Perform every other duty that the members
require.

6-502.

(a)   [Each] IF THE BYLAWS SO PROVIDE, EACH credit union
[shall] MAY have a credit committee.

(b)  The board of directors of the credit union shall
appoint the members of the credit committee.

(c)  The board of directors shall determine the number of
members on the. credit committee, but the committee shall have at
least three and not more than seven members.

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