PARRIS N. GLENDENING, Governor                             Ch. 357

Approved May 18, 1995.

CHAPTER 357
(Senate Bill 116)

AN ACT concerning

Credit Unions - Conversion of Foreign Credit Union to State Credit Union

FOR the purpose of altering the manner in which the conversion of a foreign credit union
to a State credit union is approved by members of the credit union; authorizing the
Bank Commissioner to waive a certain requirement under certain circumstances;
and generally relating to the conversion of certain credit unions to State credit
unions.

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 6-701.1
Annotated Code of Maryland
(1992 Replacement Volume and 1994 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

6-701.1.

(a)     Any credit union organized under the laws of any other state or of the United
States may convert to a State credit union as provided in this section.

(b)     A credit union proposing to convert shall meet:

(1)     All of the requirements of this title for the incorporation of a credit
union in this State; and

(2)     All of the requirements of the Bank Commissioner.

(c)     A majority of the board of directors of a credit union proposing to convert
shall:

(1)     Adopt a resolution that declares that the conversion is advisable; and

(2)     Set a date for a vote on the proposed conversion by the members of the
credit union, either at a meeting to be held on that date or by [written] MAIL ballot to
be filed on or before that date.

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