<?xml version='1.0' encoding='utf-8'?>
<section article="gfi" article_name="Financial Institutions" number="6-807" title_number="6" title_name="Credit Unions" subtitle_number="8" subtitle_name="Extraordinary Actions">
  <level label="a">
    <text>A credit union may establish a branch in the State in accordance with the provisions of this section.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>A credit union that proposes to establish a branch in the State shall:</text>
      <level label="i">
        <text>File with the Commissioner, at least 30 days before the intended opening date, a notice of intention to open a branch;</text>
      </level>
      <level label="ii">
        <text>Submit to the Commissioner any information the Commissioner requires in order to evaluate the proposed branch; and</text>
      </level>
      <level label="iii">
        <text>Pay to the Commissioner a branch fee of $100.</text>
      </level>
    </level>
    <level label="2">
      <text>The branch fee may not apply to a branch that is acquired by a credit union through a merger or consolidation with, or transfer to the credit union of all or substantially all of the assets of, a credit union.</text>
    </level>
  </level>
  <level label="c">
    <text>In deciding whether to approve the establishment of a branch, the Commissioner shall consider whether:</text>
    <level label="1">
      <text>The establishment of the branch will promote the convenience of the members of the credit union;</text>
    </level>
    <level label="2">
      <text>The applicant has sufficient net worth to support the branch; and</text>
    </level>
    <level label="3">
      <text>The applicant generally is operating in compliance with the provisions of this title.</text>
    </level>
  </level>
  <level label="d">
    <level label="1">
      <text>The Commissioner shall decide whether to approve the establishment of a branch within 30 days of receipt of the notice specified in subsection (b)(1) of this section.</text>
    </level>
    <level label="2">
      <text>The establishment of a branch shall be deemed approved if the Commissioner takes no action on the notice within the time limit specified in this subsection.</text>
    </level>
  </level>
</section>
