Except as otherwise indicated in this title, Titles 3 through 5 of this article do not apply to credit unions.

Credit unions are subject to the supervision of the Commissioner.

A credit union incorporated under the laws of this State, including its income, net worth, and other funds are exempt from all taxes imposed by this State or by any of its political subdivisions to the same extent as federal credit unions are exempt.

A credit union may exercise all the rights, privileges, and incidental powers necessary or appropriate to exercise its specific powers and to accomplish the purposes for which the credit union is organized.

This title shall be construed liberally to effectuate its purpose.

This title may be cited as the Maryland Credit Union Act.