PARRIS N. GLENDENING, Governor

H.B. 94

(b)     (1) (I) The credit committee OR THE OFFICER IN CHARGE OF
OPERATIONS may appoint LOAN OFFICERS [and]

(II)    THE APPOINTMENT OF LOAN OFFICERS BY THE OFFICER IN
CHARGE OF OPERATIONS SHALL BE SUBJECT TO CONFIRMATION BY THE CREDIT
COMMITTEE.

(III)   THE CREDIT COMMITTEE MAY SHALL supervise loan officers and
delegate to them the power to approve or disapprove loans in accordance with written
instructions or policies adopted by the board of directors.

(2)     Not more than one loan officer may be a member of the credit
committee.

(3)     A loan made by a loan officer in accordance with the written instructions
or policies of the board of directors does not have to be approved by the credit
committee.

(4)     Each loan officer shall give the credit committee the record of each loan
that the officer approves or disapproves within 7 days after a loan application is made.
The credit committee shall act on each loan application where the decision of the loan
officer has been appealed by the credit union member.

(5)     A loan officer may not disburse credit union funds for any loan that the
loan officer approved.

(c)     The credit committee shall meet as often as necessary, on reasonable notice to
its members.

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

May 24, 1995

The Honorable Casper R. Taylor, Jr.
Speaker of the House of Delegates
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed House Bill 94.

This bill requires the board of directors of a credit union proposing to place its business
and assets in the hands of the Bank Commissioner for liquidation to adopt a resolution
that declares the voluntary receivership is advisable and set a date for a vote on the
proposed receivership by the members of the credit union.

Senate Bill 120, which was passed by the General Assembly and signed by me on May 18,
1995, accomplishes the same purpose. Therefore, it is not necessary for me to sign House
Bill 94.

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