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Ch. 540 2002 LAWS OF MARYLAND
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(ii) The application of the credit union is accepted by the Board of
Directors of the Corporation.
(2) The Board of Directors of the Corporation may deny the application of
a credit union only for good cause shown.
(b) Subject to the bylaws, rules, and regulations of the Corporation and except
as provided in subsection (c) of this section AND PART III OF THIS SUBTITLE,
membership in the Corporation continues as long as the Corporation exists.
(c) (1) If the Board of Directors of the Corporation finds that unsafe or
unsound practices or mismanagement of a member threatens loss to the Corporation
or appears to affect adversely the solvency of the member, the Board may:
(i) Order the member to correct the situation; or
(ii) With the approval of the Commissioner and after giving the
member notice and an opportunity for a hearing, revoke the membership of the credit
union.
(2) A credit union that is organized under federal law or the laws of any
other state may withdraw from the Corporation by:
(i) Giving written notice at least 1 year in advance; and
(ii) Complying with the bylaws, rules, and regulations of the
Corporation.
(d) Each member of the Corporation shall make the investments and pay the
assessments, premiums, and other charges required for participation in the
Corporation.
7-108.
(a) In the election of directors and in voting on any other matter at a meeting
of the members of the Corporation, each member has one vote, to be cast by its
delegate.
(b) A delegate may not vote on behalf of more than one member.
(c) A majority of the votes cast is sufficient to elect directors or decide any
questions voted on by the members.
7-109.
(a) The powers of the Corporation shall be exercised by its Board of Directors.
(b) The Board of Directors consists of 11 directors elected by the members of
the Corporation.
(c) Each director shall be a resident [and registered voter] of this State.
(d) (1) Each director serves for a term of 4 years and until a successor is
chosen and qualifies.
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- 4094 -
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