§ 6-303. Multiple common bond credit union members
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 6-303
§ 6-303. Multiple common bond credit union members
(a)(1) Subject to the provisions of § 6-301(c) and (e) of this subtitle, a multiple common bond credit union may add to its field of membership a group of over 750 potential members, excluding individuals who are eligible for membership under § 6-302(b)(4) or (5) of this subtitle, if:
1. The credit union has not engaged in any material unsafe or unsound practice during the 1-year period preceding the date of filing the application;
2. The credit union has adequate net worth;
3. The credit union has the administrative capability to serve the potential members of the group and the financial resources to meet the need for additional staff and assets to serve the potential members of the group;
4. Any potential harm that the expansion may have on any other credit union and its membership is clearly outweighed in the public interest by the probable beneficial effect of the expansion in meeting the convenience and needs of the potential members of the group;
5. Formation of a separate credit union by the group is not practicable and consistent with reasonable safety and soundness standards; and
6. The group is within reasonable geographic proximity to a branch of the credit union.
(b) Subject to the provisions of § 6-301(c) and (e) of this subtitle, a multiple common bond credit union may add to its field of membership a group of 750 or less potential members, excluding individuals who are eligible under § 6-302(b)(4) or (5) of this subtitle, if:
Credits
Added by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
MD Code, Financial Institutions, § 6-303, MD FIN INST § 6-303
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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