Ch. 409                                    1995 LAWS OF MARYLAND

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

Approved May 18, 1995.

CHAPTER 409
(House Bill 97)

AN ACT concerning

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

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

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 6-701

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.

(a)     Any State credit union may convert into a federal credit union as provided by
federal law and as provided in this section.

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

(1)     Adopt a resolution that declares THAT the conversion [to be] 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.

(c)     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.

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