Ch. 326                                    1996 LAWS OF MARYLAND

Administration, the Central Credit Union of Maryland, and others in improving the
general welfare of the people through credit unions.

7-104.

(a)     The Corporation exercises its powers and performs its duties subject to the
authority of the [Bank] Commissioner OF FINANCIAL REGULATION.

(b)     Except as otherwise provided in this title, the Corporation has all of the
powers, privileges, and immunities granted to Maryland corporations under the Maryland
General Corporation Law.

(c)     The Corporation has perpetual existence.

(d)     The Corporation may:

(1)     Lend money to any credit union;

(2)     Guarantee, endorse, or act as surety on the obligations of or otherwise
assist financially any credit union; and

(3)     Establish and regulate the terms and conditions of and charges for any
loans or financial assistance to credit unions.

(e)     (1) The Corporation may buy, lease, or otherwise acquire and sell,
mortgage, lease, or otherwise dispose of real or personal property on the terms that its
Board of Directors considers advisable.

(2) The Corporation may acquire any real or personal property in
satisfaction of debts or enforcement of obligations and may dispose of that property.

(f)     The Corporation may:

(1)     Assist in the merger, stabilization, consolidation, or liquidation of credit
unions; and

(2)     Take possession of and operate the business and assets of any credit
union if ordered to do so by the [ Bank] Commissioner under § 6-307 of this article.

(g)     The Corporation may become a member of the National Association of Share
Insurance Corporations or any comparable organization.

(h) The Corporation may invest any of its funds in:

(1) Cash or deposits in checking or savings accounts with or certificates of
deposit of:

(i) Any bank that is a member of the Federal Deposit Insurance
Corporation; and

(ii) Any savings and loan association that is a member of the Federal
Savings and Loan Insurance Corporation, the State of Maryland Deposit Insurance Fund
Corporation, or a similar insurance program;

- 1966 -