Ch. 326

1996 LAWS OF MARYLAND

recommendation of the supervisory committee that concerns the suspension from office
of a member of the credit committee, a director, or an officer.

6-222.

(b) An amendment to the bylaws or articles of incorporation does not become
effective until the amendment is approved by the [Bank] Commissioner and a copy
certified by the [Bank] Commissioner is filed with the State Department of Assessments
and Taxation.

6-302.

(e) The supervisory committee shall send to the [Bank] Commissioner a copy of
all recommendations, charges, and findings that the committee presents to the board of
directors.

6-303.

(a)     In this section, "examiner" means:

(1)     The [Bank] Commissioner OF FINANCIAL REGULATION; and

(2)     An individual whom the [ Bank] Commissioner designates as examiner.

(b)     An examiner shall visit each credit union and examine its business:

(1)     [At least once a DURING EACH CALENDAR year] ON A
REGULARLY SCHEDULED BASIS AS DETERMINED BY THE COMMISSIONER,
UNLESS THE COMMISSIONER DETERMINES THAT, DURING A CALENDAR YEAR. AN
EXAMINATION IS UNNECESSARY, IN WHICH EVENT AN EXAMINATION SHALL OCCUR
NO LESS FREQUENTLY THAN ONCE EVERY 18 MONTHS;

(2)     When asked to do so by the board of directors or supervisory committee
of the credit union; and

(3)     At any other time that the [Bank] Commissioner considers necessary.

(c)     For each examination of a credit union, the credit union shall pay the [Bank]
Commissioner the sum of:

(1)     $20; and

(2)     The lesser of:

(i) $40 a day for each examiner; or

(ii) $20 plus 1/18 of 1 percent of assets of the credit union over
$10,000.

6-304.

(a) On or before March 31 of each year, each credit union shall report to the
[Bank] Commissioner on the business of the credit union during the preceding calendar
year.

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