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PARRIS N. GLENDENING, Governor
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Ch. 540
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(I) VOLUNTARILY DISSOLVES;
(II) OBTAINS PRIMARY SHARE GUARANTY INSURANCE FROM THE
NATIONAL CREDIT UNION ADMINISTRATION SHARE INSURANCE PROGRAM OR
ANOTHER CREDIT UNION SHARE GUARANTY CORPORATION REGULATED UNDER
THIS SUBTITLE; OR
(III) MERGES OR CONSOLIDATES WITH ANOTHER CREDIT UNION
THAT RESULTS IN THE SHARE AND DEPOSIT ACCOUNTS OF THE SURVIVING OR NEW
CREDIT UNION BEING INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION
SHARE INSURANCE PROGRAM OR ANOTHER CREDIT UNION SHARE GUARANTY
CORPORATION REGULATED UNDER THIS SUBTITLE.
(2) A CREDIT UNION SHARE GUARANTY CORPORATION SHALL MAKE A
REFUND UNDER PARAGRAPH (1) OF THIS SUBSECTION ONLY IF THE GUARANTY FUND
EQUALS OR EXCEEDS THE GUARANTY FUND'S NORMAL OPERATING LEVEL AS
CALCULATED WITHOUT THE ACCOUNT OF THE EXITING CREDIT UNION,
(H) IF TWO OR MORE PARTICIPATING CREDIT UNIONS MERGE OR
CONSOLIDATE AND THE SURVIVING OR NEW CREDIT UNION IS TO BE INSURED BY
THE CREDIT UNION SHARE GUARANTY CORPORATION, THE FUNDS IN THE CAPITAL
CONTRIBUTION ACCOUNT OF EACH CREDIT UNION SHALL BE TRANSFERRED TO THE
ACCOUNT OF THE SURVIVING OR NEW CREDIT UNION, LESS ANY OUTSTANDING
DEBTS OWED TO THE CREDIT UNION SHARE GUARANTY CORPORATION.
(I) IF A CREDIT UNION SHARE GUARANTY CORPORATION IS DISSOLVED, THE
NET ASSETS AFTER PAYING ALL LIABILITIES AND ALL COSTS OF DISSOLUTION
SHALL BE DISTRIBUTED TO THE PARTICIPATING CREDIT UNIONS IN ACCORDANCE
WITH THEIR SHARE AND DEPOSIT BALANCES, LESS ANY OUTSTANDING DEBTS OWED
TO THE CREDIT UNION SHARE GUARANTY CORPORATION.
7-217.
(A) (1) A CREDIT UNION SHARE GUARANTY CORPORATION SHALL
ESTABLISH RESERVES FOR GUARANTY LOSSES ON AN INCURRED BASIS IN
ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES DURING THE
PERIOD IN WHICH THE LOSSES BECOME EVIDENT.
(2) THE RESERVES SHALL PROVIDE FOR:
(I) LOSSES REPORTED TO THE CREDIT UNION SHARE GUARANTY
CORPORATION;
(II) LOSSES INCURRED BUT NOT PREVIOUSLY REPORTED; AND
(III) ESTIMATED LOSSES ON THE COLLECTION OF NOTES AND
OTHER GUARANTEES TO PARTICIPATING CREDIT UNIONS.
(B) THE RESERVES SHALL BE MAINTAINED UNTIL THE LOSSES FOR WHICH
THE RESERVES WERE ESTABLISHED HAVE BEEN SATISFIED.
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- 4109 -
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