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<section article="gfi" article_name="Financial Institutions" number="7-120" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation">
  <level label="a">
    <level label="1">
      <text>In this section, “assets” means:</text>
      <level label="i">
        <text>All net earnings of the Corporation accumulated under § 7–114 of this subtitle; and</text>
      </level>
      <level label="ii">
        <text>All real or tangible or intangible personal property of the Corporation.</text>
      </level>
    </level>
    <level label="2">
      <text>In this section, “assets” does not include member deposits.</text>
    </level>
  </level>
  <level label="b">
    <text>Within 2 years after the date that the Corporation no longer has any members, the Corporation shall complete the dissolution of the Corporation in accordance with the provisions of this section.</text>
  </level>
  <level label="c">
    <level label="1">
      <text>When the Corporation no longer has any members, the Corporation shall file articles of dissolution with the Commissioner and the State Department of Assessments and Taxation.</text>
    </level>
    <level label="2">
      <text>Except as provided in subsection (d) of this section, the Corporation is dissolved when the Commissioner accepts the Corporation’s articles of dissolution.</text>
    </level>
  </level>
  <level label="d">
    <level label="1">
      <text>The Corporation continues to exist for the purpose of collecting money owing to the Corporation, paying, satisfying, and discharging any existing debts or obligations, collecting and distributing the Corporation’s assets, and doing all other acts required to liquidate and wind up the business and affairs of the Corporation.</text>
    </level>
    <level label="2">
      <text>After paying, satisfying, and discharging any existing debts or obligations, the Corporation shall transfer its remaining assets to a corporation that satisfies the requirements of subsection (e) of this section.</text>
    </level>
  </level>
  <level label="e">
    <text>The corporation receiving the assets under subsection (d)(2) of this section shall:</text>
    <level label="1">
      <text>Be a nonprofit corporation that is exempt from federal taxation under § 501(c)(3) of the Internal Revenue Code;</text>
    </level>
    <level label="2">
      <text>Have been organized:</text>
      <level label="i">
        <text>For educational and charitable purposes; and</text>
      </level>
      <level label="ii">
        <text>To promote and publicize the interest and welfare of credit unions and their members in this State; and</text>
      </level>
    </level>
    <level label="3">
      <text>Have been in existence and operating under a charter that includes the following purposes for at least 10 years:</text>
      <level label="i">
        <text>Promoting the ideals of the credit union movement, including the cooperative nonprofit aspect, democratic aspect, the common bond, volunteerism, personalized service, cooperative spirit, and the encouragement of thrift and the creation of a source of credit at fair and reasonable rates;</text>
      </level>
      <level label="ii">
        <text>Helping to strengthen and develop credit unions serving low–income individuals;</text>
      </level>
      <level label="iii">
        <text>Improving and stimulating the ability of credit unions to provide low–cost consumer loans;</text>
      </level>
      <level label="iv">
        <text>Promoting the elasticity and flexibility of the resources of credit unions;</text>
      </level>
      <level label="v">
        <text>Conducting or funding research on all aspects of credit union operations and the credit union movement in general;</text>
      </level>
      <level label="vi">
        <text>Cooperating and assisting credit unions and local and national organizations and credit unions to improve the general welfare of the people through credit unions;</text>
      </level>
      <level label="vii">
        <text>Providing scholarships and awards to professionals and volunteers in the credit union movement; and</text>
      </level>
      <level label="viii">
        <text>Furthering the credit union movement and performing all necessary and properly related services and activities.</text>
      </level>
    </level>
  </level>
  <level label="f">
    <text>The Corporation shall promptly notify the Commissioner following the completion of the liquidation and the winding up of the business and affairs of the Corporation.</text>
  </level>
</section>
