Section 7-106 - Membership - Applications. - Maryland Statutes

§ 7-106. Membership - Applications.
 

(a)  Application and referral.-  

(1) Subject to the provisions of Part III of this subtitle, any credit union may apply to the Corporation to become a member of the Corporation. 

(2) The Corporation shall refer each application that it receives to the Commissioner. 

(b)  Consideration by Commissioner.-  

(1) On receipt of an application for membership, the Commissioner shall examine the affairs of the credit union. 

(2) If the Commissioner finds that the credit union qualifies for membership under § 7-107 of this title, the Commissioner shall certify that fact to the Corporation. 

(c)  No benefits until qualifications certified.- The Corporation may not extend benefits to any credit union until the Corporation receives the certification of the Commissioner. 
 

[An. Code 1957, art. 23, § 463; 1980, ch. 33, § 2; 1996, ch. 326, § 2; 2002, ch. 540.]