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S.B. 776
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VETOES
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7-111.
(a) The Board of Directors of the Corporation shall adopt bylaws for the
Corporation and rules and regulations to carry out the provisions of this title.
(b) (1) A bylaw, rule, or regulation becomes effective only after it is
submitted to and approved by the Commissioner.
(2) A bylaw, rule, or regulation is considered approved if the
Commissioner does not notify the Corporation of disapproval and the reasons for it
within 30 days after submission of the bylaw, rule, or regulation.
(3) The Commissioner may disapprove a bylaw, rule, or regulation only if
the Commissioner has reason to believe that:
(i) It is contrary to the principles or purposes of this title; or
(ii) It does not serve the best interests of the public.
7-112.
The Corporation may require independent audits and investigations of any
member to determine the member's financial condition as it relates to insurance of
share and deposit accounts. These audits and investigations shall be made at the
expense of the credit union.
7-113.
(a) This section applies notwithstanding any other provisions of law.
(b) (1) The Corporation and the Commissioner may exchange information
about credit unions.
(2) The Commissioner shall make available to the Corporation all
examinations of credit unions that are members of the Corporation.
(c) If a credit union is not incorporated under the laws of this State, the credit
union may not be accepted as a member of the Corporation unless it submits a written
statement from the agency that regulates it stating that the agency will cooperate
with the Commissioner in carrying out the provisions of this title.
7-114.
The net earnings of the Corporation shall be accumulated and may not be
returned to its members.
7-115.
The Corporation, its members, and persons who have share and deposit
accounts in credit unions are not subject to the provisions of the Insurance Article as
a result of any of the activities of the Corporation under this title.
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- 4882 -
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