Maryland Code, FINANCIAL INSTITUTIONS 7-119
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Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 7-119
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
(a) A credit union that is a member of the Corporation shall obtain primary share guaranty insurance with:
(1) The National Credit Union Administration Share Insurance Program; or
(2) A credit union share guaranty corporation regulated under Subtitle 2 of this title that is approved by the Commissioner to provide primary share guaranty insurance at least to the same extent and amount as provided by the National Credit Union Administration Share Insurance Program.
(b) A credit union that is a member of the Corporation shall comply with the provisions of subsection (a) of this section within 2 years after the date that the Commissioner issues the first certificate of authority under § 7-203 of this title.