Subject to the provisions of Part III of this subtitle, any credit union may apply to the Corporation to become a member of the Corporation. The Corporation shall refer each application that it receives to the Commissioner. On receipt of an application for membership, the Commissioner shall examine the affairs of the credit union. If the Commissioner finds that the credit union qualifies for membership under § 7–107 of this subtitle, the Commissioner shall certify that fact to the Corporation. The Corporation may not extend benefits to any credit union until the Corporation receives the certification of the Commissioner.