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S.B. 776 VETOES
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(10) Cooperate with and assist credit unions, organizations of credit
unions, the Commissioner, the National Credit Union Administration, [the Central
Credit Union of Maryland,] and others in improving the general welfare of the people
through credit unions.
7-104.
(a) The Corporation exercises its powers and performs its duties subject to the
authority of the Commissioner.
(b) Except as otherwise provided in this [title] SUBTITLE, the Corporation has
all of the powers, privileges, and immunities granted to Maryland corporations under
the Maryland General Corporation Law.
(c) [The] SUBJECT TO THE PROVISIONS OF PART III OF THIS SUBTITLE, THE
Corporation has perpetual existence.
(d) The Corporation may:
(1) Lend money to any credit union;
(2) Guarantee, endorse, or act as surety on the obligations of or
otherwise assist financially any credit union; and
(3) Establish and regulate the terms and conditions of any charges for
any loans or financial assistance to credit unions.
(e) (1) The Corporation may buy, lease, or otherwise acquire and sell,
mortgage, lease, or otherwise dispose of real or personal property on the terms that its
Board of Directors considers advisable.
(2) The Corporation may acquire any real or personal property in
satisfaction of debts or enforcement of obligations and may dispose of that property.
(0 The Corporation may:
(1) Assist in the merger, stabilization, consolidation, or liquidation of
credit unions; and
(2) Take possession of and operate the business and assets of any credit
union if ordered to do so by the Commissioner under § 6-905 of this article.
(g) The Corporation may become a member of the National Association of
Share Insurance Corporations or any comparable organization.
(h) The Corporation may invest any of its funds in:
(1) Cash or deposits in checking or savings accounts with or certificates
of deposit of:
(i) Any bank that is a member of the Federal Deposit Insurance
Corporation; and
(ii) Any savings and loan association [that is a member of the
Federal Savings and Loan Insurance Corporation, the State of Maryland Deposit
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- 4878 -
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