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Ch. 540
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2002 LAWS OF MARYLAND
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7-112.
The Corporation may require independent audits and investigations of any
member to determine the member's financial condition as it relates to insurance of
share and deposit accounts. These audits and investigations shall be made at the
expense of the credit union.
7-113.
(a) This section applies notwithstanding any other provisions of law.
(b) (1) The Corporation and the Commissioner may exchange information
about credit unions.
(2) The Commissioner shall make available to the Corporation all
examinations of credit unions that are members of the Corporation.
(c) If a credit union is not incorporated under the laws of this State, the credit
union may not be accepted as a member of the Corporation unless it submits a written
statement from the agency that regulates it stating that the agency will cooperate
with the Commissioner in carrying out the provisions of this title.
7-114.
The net earnings of the Corporation shall be accumulated and may not be
returned to its members.
7-115.
The Corporation, its members, and persons who have share and deposit
accounts in credit unions are not subject to the provisions of the Insurance Article as
a result of any of the activities of the Corporation under this title.
7-116.
The Corporation is exempt from all taxes imposed by this State or any its
political subdivisions under Title 9 of Article 24 of the Code, Title 6, Subtitle 1 of the
Insurance Article, the Tax - General Article, or the Tax - Property Article.
7-117.
This title does not, and the Corporation may not, pledge the faith or credit of this
State.
PART III. PHASE-OUT; DISSOLUTION.
7-118.
(A) THE CORPORATION MAY NOT ACCEPT AN APPLICATION FROM A CREDIT.
UNION FOR NEW MEMBERSHIP ON OR AFTER THE DATE THAT THE COMMISSIONER
ISSUES THE FIRST CERTIFICATE OF AUTHORITY UNDER § 7-203 OF THIS TITLE.
(B) THE COMMISSIONER SHALL NOTIFY THE CORPORATION OF THE DATE
THAT THE COMMISSIONER ISSUES THE FIRST CERTIFICATE OF AUTHORITY UNDER §
7-203 OF THIS TITLE.
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- 4096 -
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