Ch. 358                                    1995 LAWS OF MARYLAND

(d)     THE BANK COMMISSIONER, AT THE REQUEST OF THE BOARD OF
DIRECTORS OF A CREDIT UNION, MAY WAIVE THE REQUIREMENT FOR A MAIL
BALLOT AND MAY SUBSTITUTE ANY REASONABLE METHOD OF DETERMINING THE
VOTE OF THE MEMBERS.

(E) Written notice of the proposed conversion and of the date set for the vote
shall be delivered in person to each member or mailed to each member at the member's
address as recorded by the credit union, not more than 30 days nor less than 7 days before
the date set for the vote.

(e)    (F) (1) The proposed conversion shall be approved by the affirmative vote
of a majority of the members [voting at a meeting called for that purpose] OF THE
CREDIT UNION WHO VOTE ON THE PROPOSAL.

(2) Within 10 days after the vote, a statement of the results of the vote shall
be filed with the Bank Commissioner. The statement shall be verified by the president or
vice-president and the secretary.

(f) (G) When the conversion is complete, the successor credit union owns all of
the assets and is responsible for all the obligations of the credit union as though the
conversion had not taken place.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1995.

Approved May 18, 1995.

CHAPTER 358
(Senate Bill 120)

AN ACT concerning

Credit Unions - Voluntary Receivership

FOR the purpose of requiring the board of directors of a credit union proposing a
voluntary receivership to take certain actions; and altering the manner in which a
voluntary receivership is approved by the members of a credit union; authorizing the
Bank Commissioner to waive a certain requirement under certain circumstances;
and generally relating to the placement of credit unions in voluntary receivership.

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 6-704

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:

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