WILLIAM DONALD SCHAEFER, Governor                   Ch. 635

(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:

(i) The United States[,] OR any state OR ANY
POLITICAL SUBDIVISION OF ANY STATE[,]; [or]

(II) [any] ANY commission, instrumentality,
agency, OR authority, or political subdivision OF THE UNITED
STATES OR ANY STATE; and

[(ii)] (III) 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.

(i) The Corporation may:

(1)  Borrow money and otherwise incur obligations for
any of its purposes;

(2)  Issue its secured or unsecured bonds, debentures,
notes, or other evidences of obligation; and

(3)  Secure these obligations by mortgage, pledge, or
other lien on all or any part of its property, rights, and
privileges.

7-109.

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

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

(2) Of the 11 directors:

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

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