Maryland § 7-107
Full text of Maryland Maryland Code § 7-107, with citation guidance and answers to common questions.
§ 7-107.
(a) (1) A credit union becomes a member of the Corporation when:
(i) The financial affairs, solvency, and management of a credit union have been certified by the Commissioner as approved for insurance of its share and deposit accounts; and
(ii) The application of the credit union is accepted by the Board of Directors of the Corporation.
(2) The Board of Directors of the Corporation may deny the application of a credit union only for good cause shown.
(b) Subject to the bylaws, rules, and regulations of the Corporation and except as provided in subsection (c) of this section and Part III of this subtitle, membership in the Corporation continues as long as the Corporation exists.
(c) (1) If the Board of Directors of the Corporation finds that unsafe or unsound practices or mismanagement of a member threatens loss to the Corporation or appears to affect adversely the solvency of the member, the Board may:
(i) Order the member to correct the situation; or
(ii) With the approval of the Commissioner and after giving the member notice and an opportunity for a hearing, revoke the membership of the credit union.
(2) A credit union that is organized under federal law or the laws of any other state may withdraw from the Corporation by:
(i) Giving written notice at least 1 year in advance; and
(ii) Complying with the bylaws, rules, and regulations of the Corporation.
(d) Each member of the Corporation shall make the investments and pay the assessments, premiums, and other charges required for participation in the Corporation.
Frequently Asked Questions About Maryland § 7-107
What does Maryland Code § 7-107 cover?
Section 7-107 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 7-107?
A common citation format is "Maryland Code § 7-107" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 7-107 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.