|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 540
|
|
2002 LAWS OF MARYLAND
|
|
|
|
|
|
|
|
|
|
(2) AFTER PAYING, SATISFYING, AND DISCHARGING ANY EXISTING
DEBTS OR OBLIGATIONS, THE CORPORATION SHALL TRANSFER ITS REMAINING
ASSETS TO A CORPORATION THAT SATISFIES THE REQUIREMENTS OF SUBSECTION
(E) OF THIS SECTION.
(E) THE CORPORATION RECEIVING THE ASSETS UNDER PARAGRAPH (D)(2) OF
THIS SECTION SHALL:
(1) BE A NONPROFIT CORPORATION THAT IS EXEMPT FROM FEDERAL
TAXATION UNDER § 501(C)(3) OF THE INTERNAL REVENUE CODE;
(2) HAVE BEEN ORGANIZED:
(I) FOR EDUCATIONAL AND CHARITABLE PURPOSES; AND
(II) TO PROMOTE AND PUBLICIZE THE INTEREST AND WELFARE OF
CREDIT UNIONS AND THEIR MEMBERS IN THIS STATE; AND
(3) HAVE BEEN IN EXISTENCE AND OPERATING UNDER A CHARTER
THAT INCLUDES THE FOLLOWING PURPOSES FOR AT LEAST 10 YEARS:
(I) PROMOTING THE IDEALS OF THE CREDIT UNION MOVEMENT,
INCLUDING THE COOPERATIVE NONPROFIT ASPECT, DEMOCRATIC ASPECT, THE
COMMON BOND, VOLUNTEERISM, PERSONALIZED SERVICE, COOPERATIVE SPIRIT,
AND THE ENCOURAGEMENT OF THRIFT AND THE CREATION OF A SOURCE OF CREDIT
AT FAIR AND REASONABLE RATES;
(II) HELPING TO STRENGTHEN AND DEVELOP CREDIT UNIONS
SERVING LOW-INCOME INDIVIDUALS;
(III) IMPROVING AND STIMULATING THE ABILITY OF CREDIT
UNIONS TO PROVIDE LOW-COST CONSUMER LOANS;
(IV) PROMOTING THE ELASTICITY AND FLEXIBILITY OF THE
RESOURCES OF CREDIT UNIONS;
(V) CONDUCTING OR FUNDING RESEARCH ON ALL ASPECTS OF
CREDIT UNION OPERATIONS AND THE CREDIT UNION MOVEMENT IN GENERAL;
(VI) COOPERATING AND ASSISTING CREDIT UNIONS AND LOCAL
AND NATIONAL ORGANIZATIONS AND CREDIT UNIONS TO IMPROVE THE GENERAL
WELFARE OF THE PEOPLE THROUGH CREDIT UNIONS;
(VII) PROVIDING SCHOLARSHIPS AND AWARDS TO PROFESSIONALS
AND VOLUNTEERS IN THE CREDIT UNION MOVEMENT; AND
(VIII) FURTHERING THE CREDIT UNION MOVEMENT AND
PERFORMING ALL NECESSARY AND PROPERLY RELATED SERVICES AND ACTIVITIES.
(F) THE CORPORATION SHALL PROMPTLY NOTIFY THE COMMISSIONER
FOLLOWING THE COMPLETION OF THE LIQUIDATION AND THE WINDING UP OF THE
BUSINESS AND AFFAIRS OF THE CORPORATION.
|
|
|
|
|
|
|
|
|
|
- 4098 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
