Ch. 326                                    1996 LAWS OF MARYLAND

6-102.

Credit unions are subject to the supervision of the [Bank] Commissioner OF
FINANCIAL REGULATION.

6-204.

(a) The incorporators shall file with the [Bank] Commissioner for examination
the two copies of the articles of incorporation and bylaws.

(b) The [ Bank] Commissioner shall investigate and determine if:

(1)     The articles and bylaws are framed in accordance with law;

(2)     The bylaws are reasonable;

(3)     The character, responsibility, and general fitness of the incorporators
command confidence and warrant belief that the business of the proposed credit union
will be conducted honestly and efficiently, in accordance with the intent of this title; and

(4)     Allowing the proposed credit union to engage in business:
(i) Will promote public convenience and advantage; and
(ii) Is expedient and desirable.

(c)     After the investigation, the [ Bank] Commissioner may require any change in
the articles of incorporation or bylaws that the [ Bank] Commissioner considers
necessary.

(d)     (1) Within 60 days after the articles and bylaws are filed for examination,
the [ Bank] Commissioner shall sign, date, and endorse each copy of the articles and
bylaws as "approved" or "refused".

(2)     If formation of the credit union is refused, the [ Bank] Commissioner
shall return one of the endorsed copies of the articles and bylaws to the incorporators.

(3)     If formation of the credit union is approved, the [ Bank] Commissioner
shall:

(i) Return one of the endorsed copies of the articles and bylaws to the
incorporators; and

(ii) Keep and record one of the endorsed copies.

(e)     For filing with the [ Bank] Commissioner approved articles and bylaws, the
incorporators shall pay to the [ Bank] Commissioner a fee of $10.

6-205.

(a) If the [Bank] Commissioner approves the articles and bylaws, the
incorporators shall file for record with the State Department of Assessments and
Taxation one of the endorsed copies of the articles and bylaws.

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