PARRIS N. GLENDENING, Governor

Ch. 326

(b)     The [Bank] Commissioner may require any other reports from a credit union
that the [Bank] Commissioner considers necessary.

(c)     Each report made under this section shall be:

(1)     On the form that the [Bank] Commissioner provides; and

(2)     Signed and acknowledged by:

(i) A majority of the members of the supervisory committee; and

(ii) The president, vice-president, secretary, or treasurer of the credit
union.

(d)     If a credit union fails to make any report as required by this title, the credit
union shall pay to the [Bank] Commissioner $5 for each day that the report is overdue.

6-305.

If the [Bank] Commissioner finds that the supervisory committee of a credit union
is not performing its duties properly, the [Bank] Commissioner may require the credit
union to have a certified public accountant audit the credit union for any period of time
that the [Bank] Commissioner considers necessary. The audit shall be made at the
expense of the credit union.

6-306.

The board of directors may call a meeting of the members of the credit union to act
on any practice of the credit union that the supervisory committee, with the concurrence
of the [ Bank] Commissioner, considers unsafe or unauthorized.

6-307.

(a)     The [ Bank] Commissioner may order a credit union to take corrective action
if the [Bank] Commissioner finds that the credit union:

(1)     Has failed to file a report when due;

(2)     Is insolvent;

(3)     Has violated any provision of this title; or

(4)     Is engaged in an unsafe or unauthorized practice.

(b)     Before the order becomes effective, the [Bank] Commissioner shall give the
credit union an opportunity for a hearing.

(c)     If the credit union fails to comply with the order within 60 days after it
becomes effective, the [Bank] Commissioner may:

(1)     Take possession of the business and assets of the credit union and
operate it until the [Bank] Commissioner permits it to resume business or until the
[Bank] Commissioner orders its liquidation under item (3) of this subsection;

(2)     Order the Credit Union Insurance Corporation to take possession of the
business and assets of the credit union and operate it in accordance with the [Bank]

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