Ch. 326

1996 LAWS OF MARYLAND

(2)     If approved by the [Bank] Commissioner, certified by the [Bank]
Commissioner and returned to each credit union party to the merger within 30 days.

(g) When the certificate is certified and sent back to the credit unions by the
[Bank] Commissioner:

(1)     All of the property, property rights, and members' interest of the merged
credit union belong to the surviving credit union without deed, endorsement, or other
instrument of transfer;

(2) All of the debts, obligations, and liabilities of the merged credit union
are assumed by the surviving credit union; and

(3)     The rights and privileges of the members of the merged credit union
remain intact.

(h) The surviving credit union shall act promptly to file and record the certified
certificate and plan of merger with the State Department of Assessments and Taxation.

6-703.

(a)     Any credit union may dissolve voluntarily, if the members of the credit union
and the [Bank] Commissioner approve the dissolution as provided in this section.

(b)     (1) A proposed dissolution shall be approved at a meeting called for that
purpose by the affirmative vote of 80 percent of the entire membership of the credit
union.

(2)     Each member who votes for the dissolution shall sign a statement of
consent to the dissolution.

(c)     After a proposed dissolution is approved by the members, the credit union
shall file with the [Bank] Commissioner:

(1)     A copy of the statement of consent, attested to by its president or a
vice-president and by its secretary or treasurer; and

(2)     A verified statement of the names and addresses of its officers and
directors.

(d)     (1) If the [Bank] Commissioner finds that the credit union is solvent, the
[Bank] Commissioner shall issue to the credit union duplicate certificates stating that
the credit union appears to have complied with this section.

(2) The credit union shall file one of the certificates with the State
Department of Assessments and Taxation.

(e)     When the certificate is filed with the State Department of Assessments and
Taxation, the credit union is dissolved.

(f)      (1) On dissolution, a credit union may operate only to wind up its business
and affairs.

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