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Ch. 540 2002 LAWS OF MARYLAND
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(iii) [Shall be a citizen of the United States;
(iv) ] May not have defaulted on the payment of any monetary
obligation to the credit union;
[(v)] (IV) May not have been convicted of any criminal offense
involving dishonesty or breach of trust;
[(vi)] (V) May not have habitually neglected to pay any debts;
[(vii)] (VI) May not have been insolvent or bankrupt within 5 years
of becoming a member and may not become insolvent or bankrupt while serving as a
member; and
[(viii)] (VII) 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.
Title 7. Credit Union SHARE Insurance [Corporation].
SUBTITLE 1. CREDIT UNION INSURANCE CORPORATION.
PART I. DEFINITIONS.
7-101.
(a) In this [title] SUBTITLE the following words have the meanings indicated.
(b) "Corporation" means the Credit Union Insurance Corporation.
(c) "Credit union" means:
(1) Any credit union that is incorporated under the laws of this State;
and
(2) Any other credit union that is authorized to do business in this State
and has its principal office in this State.
PART II. ESTABLISHMENT; POWERS; MEMBERSHIP.
7-102.
(a) There is a Credit Union Insurance Corporation, established as a nonprofit,
nonstock corporation, the members of which are credit unions that are accepted for
membership under this [title] PART.
(b) (1) The Corporation is not and may not be deemed a department, unit,
agency, or instrumentality of the State for any purpose.
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