Ch. 410                                    1995 LAWS OF MARYLAND

BY adding to

Article - Financial Institutions

Section 6-211.1

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

6-211.1.

(A) EXCEPT AS PROVIDED IN §§ 6-215 AND 6-223 OF THIS SUBTITLE AND IN §§
6-701 THROUGH 6-701 OF THIS ARTICLE, THE PROVISIONS OF THIS SECTION DO NOT
APPLY TO:

(1) AN ACTION AUTHORIZED UNDER § 6-215 OR § 6-223 OF THIS SUBTITLE;

(2) A VOLUNTARY DISSOLUTION UNDER § 6-703 OF THIS TITLE: OR

(3) A VOTE FOR WHICH THE BANK COMMISSIONER HAS WAIVED THE
REQUIREMENT FOR A MAIL BALLOT UNDER § 6-701(C), § 6-701.1(D), § 6-702(C), OR §
6-704(C) OF THIS TITLE.

(B) THE BOARD OF DIRECTORS OF A CREDIT UNION:

(1)     MAY AUTHORIZE BY RESOLUTION ANY QUESTION, PROPOSAL, OR
OTHER MATTER REQUIRING MEMBERSHIP APPROVAL TO BE VOTED ON BY MAIL
BALLOT; AND

(2)     SHALL ESTABLISH A SEQUENCE OF DATES BY WHICH THE VOTING
PROCEDURES ARE INITIATED AND COMPLETED.

(B) (C) THE SECRETARY OF THE CREDIT UNION SHALL MAIL TO EACH
MEMBER ELIGIBLE TO VOTE:

(1)     A PRINTED BALLOT; AND

(2)     AN EXPLANATION OF THE QUESTION, PROPOSAL, OR OTHER
MATTER TO BE VOTED ON; AND

(3) A POSTAGE PRE-PAID AND PRE-ADDRESSED RETURN ENVELOPE.

(D) UNLESS OTHERWISE PROVIDED IN THIS TITLE, THE PRINTED BALLOT SHALL
BE MAILED TO EACH MEMBER ELIGIBLE TO VOTE, NOT MORE THAN 30 DAYS NOR LESS
THAN 7 DAYS BEFORE THE DATE SET BY THE BOARD OF DIRECTORS FOR THE FILING OF
THE MAIL BALLOT.

(C) (E) (1) THE QUESTION, PROPOSAL, OR OTHER MATTER IS ADOPTED
ONLY IF APPROVED BY A MAJORITY OF THE BALLOTS TIMELY RECEIVED FROM THE
MEMBERS ELIGIBLE TO VOTE AND VOTING.

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