WILLIAM DONALD SCHAEFER, Governor                   Ch. 635

(3)  A credit union in operation for less than 4 years
or having assets of less than $500,000 shall credit to the
reserve fund, at the end of each accounting period:

(i) 10 percent of its gross income until the
reserve fund equals 7.5 percent of its risk assets; and

(ii) Then, 5 percent of its gross income until
the reserve fund equals 10 percent of its risk assets.

(4)  On recommendation of the board of directors, the
members of a credit union may vote to increase the amount
credited to the reserve fund.

(d) If the reserve fund falls below the amounts required by
subsection (c)(2) or (3) of this section, it shall be restored by
regular contributions.

7-102.

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

(b)  Except as otherwise provided in this title, the
Corporation has all of the powers, privileges, and immunities
granted to Maryland corporations under the Maryland General
Corporation Law.

(c)  The Corporation has perpetual existence.

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