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PARRIS N. GLENDENING, Governor Ch. 540
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Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
BY repealing and reenacting, without amendments,
Article - Financial Institutions
Section 7-105, 7-108, and 7-110 through 7-117, inclusive
Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
BY adding to
Article - Financial Institutions
Section 7-118 through 7-121, inclusive, to be under the new part "Part
III. Phase-Out; Dissolution"; and 7-201 through 7-224, inclusive, to be
under the new subtitle "Subtitle 2. Credit Union Share Guaranty
Corporations"
Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Financial Institutions
6-401.
(d) (5) Each member of the supervisory committee:
(i) Shall be bonded;
(ii) [Shall be a citizen of the United States;
(iii) ] May not have been convicted of any criminal offense involving
dishonesty or breach of trust;
[(iv)] (III) May not have habitually neglected to pay any debts;
[(v)] (IV) May not become insolvent or bankrupt while serving on
the supervisory committee; and
[(vi)] (V) May not have been removed by the Commissioner or any
state or federal regulatory agency as an officer, official, or employee of a financial
institution.
6-602.
(e) (2) Each member of the credit committee:
(i) Shall be a member of the credit union for the period of time
required under the bylaws;
(ii) Shall be bonded;
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- 4089 -
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