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Ch. 540
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2002 LAWS OF MARYLAND
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(2) THE ANNUAL REPORT SHALL INCLUDE:
(I) THE ANNUAL FINANCIAL STATEMENT OF THE CREDIT UNION
SHARE GUARANTY CORPORATION PREPARED IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES AND AUDITED AND CERTIFIED BY AN
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT THAT CONTAINS:
1. A BALANCE SHEET;
2. AN INCOME STATEMENT;
3. A STATEMENT OF CASH FLOWS;
4. A STATEMENT OF CHANGES OF THE CREDIT UNION SHARE
GUARANTY CORPORATION'S EQUITY; AND
5. NOTES TO THE FINANCIAL STATEMENT;
(II) THE FOLLOWING INFORMATION REGARDING ALL
PARTICIPATING CREDIT UNIONS, AS APPROPRIATE, REGARDLESS OF THE STATE IN
WHICH A PARTICIPATING CREDIT UNION IS DOMICILED.
1. THE COMPOSITE CAMEL RATING OF EACH CREDIT UNION
IF THE COMPOSITE CAMEL RATING OF A CREDIT UNION IS 4 OR 5; AND
2. ANY CURRENT ADMINISTRATIVE ACTION OR ANY
CURRENT PLAN FOR CORRECTIVE ACTION CONCERNING EACH CREDIT UNION
INITIATED BY THE CREDIT UNION SHARE GUARANTY CORPORATION OR THE
RESPONSIBLE SUPERVISORY OFFICIAL IN THE CREDIT UNION'S STATE OF DOMICILE;
AND
(III) AN ANALYSIS OF THE COMPONENTS OF THE GUARANTY FUND
REQUIRED UNDER § 7-216 OF THIS SUBTITLE, INCLUDING ANY RESERVES FOR
GUARANTY LOSSES ESTABLISHED UNDER § 7-217 OF THIS SUBTITLE.
(3) UNLESS THE COMMISSIONER EXTENDS THE TIME FOR FILING, A
CREDIT UNION SHARE GUARANTY CORPORATION THAT FAILS TO FILE AN ANNUAL
REPORT ON OR BEFORE APRIL 10 SHALL PAY A PENALTY OF $100 FOR EACH DAY
FROM APRIL 1 TO THE DAY BEFORE THE COMMISSIONER RECEIVES THE REPORT.
(B) AT ANY TIME, THE COMMISSIONER MAY REQUIRE A CREDIT UNION SHARE
GUARANTY CORPORATION TO FILE AN INTERIM REPORT CONTAINING THE
INFORMATION THAT THE COMMISSIONER CONSIDERS NECESSARY.
7-213.
(A) THIS SECTION APPLIES NOTWITHSTANDING ANY OTHER PROVISION OF
LAW.
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(B) A CREDIT UNION SHARE GUARANTY CORPORATION AND THE
COMMISSIONER MAY EXCHANGE INFORMATION, INCLUDING INFORMATION
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- 4106 -
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