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PARRIS N. GLENDENING, Governor
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Ch. 540
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7-119.
(A) A CREDIT UNION THAT IS A MEMBER OF THE CORPORATION SHALL
OBTAIN PRIMARY SHARE GUARANTY INSURANCE WITH:
(1) THE NATIONAL CREDIT UNION ADMINISTRATION SHARE INSURANCE
PROGRAM; OR
(2) A CREDIT UNION SHARE GUARANTY CORPORATION REGULATED
UNDER SUBTITLE 2 OF THIS TITLE THAT IS APPROVED BY THE COMMISSIONER TO
PROVIDE PRIMARY SHARE GUARANTY INSURANCE AT LEAST TO THE SAME EXTENT
AND AMOUNT AS PROVIDED BY THE NATIONAL CREDIT UNION ADMINISTRATION
SHARE INSURANCE PROGRAM.
(B) A CREDIT UNION THAT IS A MEMBER OF THE CORPORATION SHALL
COMPLY WITH THE PROVISIONS OF SUBSECTION (A) OF THIS SECTION WITHIN 2
YEARS AFTER THE DATE THAT THE COMMISSIONER ISSUES THE FIRST CERTIFICATE
OF AUTHORITY UNDER § 7-203 OF THIS TITLE.
7-120.
(A) (1) IN THIS SECTION, "ASSETS" MEANS:
(I) ALL NET EARNINGS OF THE CORPORATION ACCUMULATED
UNDER § 7-114 OF THIS SUBTITLE; AND
(II) ALL REAL OR TANGIBLE OR INTANGIBLE PERSONAL PROPERTY
OF THE CORPORATION.
(2) IN THIS SECTION, "ASSETS" DOES NOT INCLUDE MEMBER DEPOSITS.
(B) WITHIN 2 YEARS AFTER THE DATE THAT THE CORPORATION NO LONGER
HAS ANY MEMBERS, THE CORPORATION SHALL COMPLETE THE DISSOLUTION OF
THE CORPORATION IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION.
(C) (1) WHEN THE CORPORATION NO LONGER HAS ANY MEMBERS, THE
CORPORATION SHALL FILE ARTICLES OF DISSOLUTION WITH THE COMMISSIONER
AND THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION.
(2) EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS SECTION, THE
CORPORATION IS DISSOLVED WHEN THE COMMISSIONER ACCEPTS THE
CORPORATION'S ARTICLES OF DISSOLUTION.
(D) (1) THE CORPORATION CONTINUES TO EXIST FOR THE PURPOSE OF
COLLECTING MONEY OWING TO THE CORPORATION, PAYING, SATISFYING, AND
DISCHARGING ANY EXISTING DEBTS OR OBLIGATIONS, COLLECTING AND
DISTRIBUTING THE CORPORATION'S ASSETS, AND DOING ALL OTHER ACTS
REQUIRED TO LIQUIDATE AND WIND UP THE BUSINESS AND AFFAIRS OF THE
CORPORATION.
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- 4097 -
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