PARRIS N. GLENDENING, Governor

Ch. 410

(D) 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.

(d) (E) (1) The proposed conversion shall be approved by the affirmative[,
written] vote of a majority of the [entire membership] MEMBERS 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 by the secretary of the credit union.

(e) (F) (1) Within 90 days after a proposed conversion is approved, the credit
union shall take any action necessary under federal law to make it a federal credit union.

(2)     Within 10 days after the credit union receives a federal credit union
charter, a copy of that charter shall be filed with the Bank Commissioner and, when the
copy is filed, the credit union ceases to be a State credit union.

(3)     The Bank Commissioner shall file a copy of the federal charter with the
State Department of Assessments and Taxation.

(f) (G) When the conversion from a State credit union to a federal credit union
is complete:

(1)     The State credit union is no longer subject to the provisions of this title;
and

(2)     The successor federal credit union owns all the assets and is responsible
for all the obligations of the State 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 410
(House Bill 98)

AN ACT concerning

Credit Unions - Membership Voting - Mail Ballot

FOR the purpose of allowing the members of a credit union to vote by mail ballot in
certain circumstances; establishing procedures for membership voting by mail
ballot; specifying that this Act does not apply to certain actions; requiring a printed
ballot to be mailed within a certain number of days before the filing of the mail ballot;
and generally relating to voting by mail by the members of credit unions.

- 2549 -