Title 7. Credit Union Share Insurance — Subtitle 2. Credit Union Share Guaranty Corporations
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 7-201 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–201LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
Unless the context requires otherwise, “credit union” has the meaning stated in § 6-101(d) of this article.
(c)
“Credit union share guaranty corporation” means a corporation that is:
(1)
Engaged in the business of providing primary share guaranty insurance for the share and deposit accounts of a credit union; and
(2)
Regulated under this subtitle.
(d)
“Participating credit union” means a credit union that has applied for and been admitted to participation in a credit union share guaranty corporation and whose participation has not terminated.
Md. Code Ann., Fin. Inst. § 7-202 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–202LinkCopy Citation
The provisions of this subtitle do not apply to the Credit Union Insurance Corporation established under Subtitle 1 of this title.
Md. Code Ann., Fin. Inst. § 7-203 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–203LinkCopy Citation
(a)
A person may not conduct business as a credit union share guaranty corporation unless the person has a certificate of authority issued by the Commissioner under this subtitle.
(b)
A certificate of authority issued by the Commissioner under this subtitle is not transferrable.
Md. Code Ann., Fin. Inst. § 7-204 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–204LinkCopy Citation
(a)
A credit union share guaranty corporation shall insure and guarantee the share and deposit accounts of each participating credit union to at least the same extent and amount as provided by the National Credit Union Administration Share Insurance Program.
(b)
A credit union share guaranty corporation may make contracts for reinsurance.
Md. Code Ann., Fin. Inst. § 7-205 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–205LinkCopy Citation
(a)
To qualify for a certificate of authority under this subtitle, an applicant shall satisfy the Commissioner that the applicant:
(1)
Is trustworthy and reputable;
(2)
Has a good business reputation;
(3)
If domiciled outside the State, is currently licensed and authorized to engage in the credit union share guaranty business in its state of domicile;
(4)
Has and will maintain retained earnings or equity capital of at least $5,000,000, computed in accordance with generally accepted accounting principles;
(5)
Is in compliance with:
(i)
Its charter and this subtitle; and
(ii)
If domiciled outside the State, all laws and regulations applicable to credit union share guaranty corporations in its state of domicile;
(6)
Will conduct the credit union share guaranty business in the State in a manner that will adequately protect the share and deposit accounts of its participating credit unions; and
(7)
Will maintain reserves for guaranty losses in compliance with § 7-217 of this subtitle.
(b)
A person may not be authorized to engage in the credit union share guaranty business in the State if the person has or uses a name that is so similar to the name of a credit union share guaranty corporation already issued a certificate of authority under this subtitle as to tend to cause uncertainty or confusion or to deceive or mislead.
Md. Code Ann., Fin. Inst. § 7-206 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–206LinkCopy Citation
(a)
(1)
To apply for a certificate of authority, an applicant shall sign and submit to the Commissioner an application made under oath on the form that the Commissioner requires.
(2)
The application shall include:
(i)
The applicant’s corporate name, business address, and any trade names under which the applicant conducts business;
(ii)
The name and business address of each of the applicant’s officers and directors;
(iii)
The address at which the business is to be conducted;
(iv)
The name and address of the applicant’s proposed resident agent in the State; and
(v)
Any other information that the Commissioner reasonably requires.
(b)
With the application, the applicant shall submit:
(1)
A certified copy of its articles of incorporation with all amendments;
(2)
A certified copy of its bylaws with all amendments;
(3)
A copy of the applicant’s annual financial statements as of the immediately preceding December 31, prepared in accordance with generally accepted accounting principles and audited and certified by an independent certified public accountant;
(4)
If domiciled outside the State, a copy of the applicant’s most recent report of examination, if any, made by the responsible supervisory official in its state of domicile;
(5)
If domiciled outside the State, certification by the responsible supervisory official in its state of domicile showing that the applicant is authorized to engage in the credit union share guaranty business in that state;
(6)
A copy of the applicant’s current standard written contract with participating credit unions containing the rights and obligations of the parties; and
(7)
Any other information and documents that the Commissioner reasonably requires.
(c)
With the application, the applicant shall pay to the Commissioner a nonrefundable application fee of $5,000.
Md. Code Ann., Fin. Inst. § 7-207 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–207LinkCopy Citation
(a)
When an applicant for a certificate of authority files the application and pays the application fee required under § 7-206 of this subtitle, the Commissioner shall conduct an investigation to determine if the applicant meets the requirements of § 7-205 of this subtitle.
(b)
Unless the Commissioner notifies the applicant that a different time period is necessary, the Commissioner shall approve or deny each application for a certificate of authority within 120 days after the complete application is filed and the application fee is paid.
(c)
The Commissioner shall issue a certificate of authority to any applicant who meets the requirements of this subtitle.
Md. Code Ann., Fin. Inst. § 7-208 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–208LinkCopy Citation
(a)
If an application for a certificate of authority is denied, the notification of the denial shall:
(1)
Be in writing; and
(2)
State the applicant’s right to a hearing held in accordance with the Administrative Procedure Act.
(b)
An applicant who seeks a hearing on an application denial shall file a written request for a hearing within 30 days following receipt of the notice of the applicant’s right to a hearing.
Md. Code Ann., Fin. Inst. § 7-209 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–209LinkCopy Citation
(a)
The Commissioner may suspend or revoke the certificate of authority of a credit union share guaranty corporation if the credit union share guaranty corporation or a director or officer of the credit union share guaranty corporation:
(1)
Makes a material misstatement in an application for a certificate of authority;
(2)
Is convicted under the laws of the United States or any state of:
(i)
A felony; or
(ii)
A misdemeanor that is directly related to the activities authorized by the certificate of authority;
(3)
In connection with any credit union share guaranty transaction:
(i)
Commits a fraud;
(ii)
Engages in an illegal or dishonest activity; or
(iii)
Misrepresents or fails to disclose a material fact to a person entitled to that information;
(4)
Violates any provision of this subtitle, any rule or regulation adopted under this subtitle, or any other law regulating credit union share guaranty business in the State, or fails to comply with an order of the Commissioner;
(5)
Is found by the Commissioner to be in unsound condition or in a condition that renders further transaction of credit union share guaranty business hazardous to participating credit unions, the members of the participating credit unions, or the public;
(6)
Refuses or delays payment of amounts due claimants without just cause;
(7)
Refuses to be examined or to produce records or files for examination by the Commissioner when required;
(8)
Refuses to provide additional information reasonably requested by the Commissioner; or
(9)
Otherwise demonstrates unworthiness, bad faith, dishonesty, or any other quality that indicates that the business of the credit union share guaranty corporation has not been or will not be conducted honestly, fairly, and equitably.
(b)
In determining whether the certificate of authority of a credit union share guaranty corporation should be suspended or revoked for a conviction listed in subsection (a)(2) of this section, the Commissioner shall consider:
(1)
The nature of the crime;
(2)
The relationship of the crime to the activities authorized by the certificate of authority;
(3)
The relevance of the conviction to the fitness and qualification of the credit union share guaranty corporation to engage in the credit union share guaranty business;
(4)
The length of time since the conviction; and
(5)
The behavior and activities of the credit union share guaranty corporation since the conviction.
(c)
(1)
The Commissioner may enforce the provisions of this subtitle and any rule or regulation adopted under this subtitle by:
(i)
Issuing an order to the credit union share guaranty corporation or entering into an agreement under which the credit union share guaranty corporation agrees:
(1)
To cease and desist from the violation and any further similar violations; and
(2)
To take affirmative action to correct the violation, including the restitution of money or property to any person aggrieved by the violation; and
(ii)
Imposing a civil penalty not exceeding $1,000 for each violation.
(2)
If a violator fails to comply with an order or agreement under this subsection, the Commissioner may impose a civil penalty not exceeding $1,000 for each violation from which the violator failed to cease and desist or for which the violator failed to take affirmative corrective action.
(d)
The Commissioner may file a petition in the circuit court for a county seeking enforcement of an order issued under this section.
(e)
In determining the amount of financial penalty to be imposed under subsection (c) of this section, the Commissioner shall consider:
(1)
The seriousness of the violation;
(2)
The good faith of the violator;
(3)
The violator’s history of previous violations;
(4)
The deleterious effect of the violation on the public and holders of credit union share or deposit accounts;
(5)
The assets of the violator; and
(6)
Any other factors relevant to the determination of the financial penalty.
(f)
(1)
Before the Commissioner takes any action under subsection (a) or (c) of this section, the Commissioner shall give the credit union share guaranty corporation an opportunity for a hearing.
(2)
A hearing under this subtitle shall be held in accordance with the Administrative Procedure Act.
(3)
The hearing notice shall be sent by certified mail, return receipt requested, to the credit union share guaranty corporation to the principal place of business of the credit union share guaranty corporation at least 30 days before the hearing.
Md. Code Ann., Fin. Inst. § 7-210 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–210LinkCopy Citation
(a)
(1)
The Commissioner:
(i)
Shall examine the business of each credit union share guaranty corporation at least once every 24 months; and
(ii)
May examine the business of each credit union share guaranty corporation at any time that the Commissioner reasonably considers necessary.
(2)
The Commissioner may enter into agreements with third parties and delegate the authority to conduct an examination required or permitted under this subsection.
(3)
In lieu of performing an examination of a credit union share guaranty corporation, the Commissioner may accept an examination report from the responsible supervisory official of the credit union share guaranty corporation’s state of domicile.
(b)
(1)
A person aggrieved by the conduct of a credit union share guaranty corporation under this subtitle in connection with the credit union share guaranty business may file a written complaint with the Commissioner who may investigate the complaint.
(2)
The Commissioner may make any other investigation of any person if the Commissioner has reasonable cause to believe that the person has violated any provision of this subtitle, any regulation adopted under this subtitle, or any other law regulating credit union share guaranty corporations in the State.
(c)
In connection with an examination or investigation made under this section, the Commissioner may:
(1)
Examine the books and records of any credit union share guaranty corporation or of any other person who the Commissioner believes has violated any provision of this subtitle, any regulation adopted under this subtitle, or any other law regulating credit union share guaranty corporations in the State;
(2)
Subpoena documents or other evidence; or
(3)
Summon and examine under oath any individual whose testimony the Commissioner requires.
(d)
If any person fails to comply with a subpoena or summons issued by the Commissioner under this section, the Commissioner may file a petition for enforcement in the appropriate circuit court.
Md. Code Ann., Fin. Inst. § 7-211 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–211LinkCopy Citation
(a)
A credit union share guaranty corporation shall pay all reasonable expenses for transportation, lodging, and meals associated with:
(1)
An examination required or permitted under § 7-210 of this subtitle; and
(2)
Any other examination or investigation conducted under this article that results in the discovery of a violation of this subtitle by the credit union share guaranty corporation.
(b)
(1)
A credit union share guaranty corporation shall pay an annual assessment of $5,000.
(2)
A credit union share guaranty corporation shall pay the assessment imposed under paragraph (1) of this subsection to the Commissioner on or before February 15 after the assessment is imposed.
Md. Code Ann., Fin. Inst. § 7-212 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–212LinkCopy Citation
(a)
(1)
On or before April 1 of each year, unless the Commissioner extends the time for good cause, each credit union share guaranty corporation shall file with the Commissioner an annual report for the immediately preceding calendar year.
(2)
The annual report shall include:
(i)
The annual financial statement of the credit union share guaranty corporation prepared in accordance with generally accepted accounting principles and audited and certified by an independent certified public accountant that contains:
(1)
A balance sheet;
(2)
An income statement;
(3)
A statement of cash flows;
(4)
A statement of changes of the credit union share guaranty corporation’s equity; and
(5)
Notes to the financial statement;
(ii)
The following information regarding all participating credit unions, as appropriate, regardless of the state in which a participating credit union is domiciled:
(1)
The composite CAMEL rating of each credit union if the composite CAMEL rating of a credit union is 4 or 5; and
(2)
Any current administrative action or any current plan for corrective action concerning each credit union initiated by the credit union share guaranty corporation or the responsible supervisory official in the credit union’s state of domicile; and
(iii)
An analysis of the components of the guaranty fund required under § 7-216 of this subtitle, including any reserves for guaranty losses established under § 7-217 of this subtitle.
(3)
Unless the Commissioner extends the time for filing, a credit union share guaranty corporation that fails to file an annual report on or before April 10 shall pay a penalty of $100 for each day from April 1 to the day before the Commissioner receives the report.
(b)
At any time, the Commissioner may require a credit union share guaranty corporation to file an interim report containing the information that the Commissioner considers necessary.
Md. Code Ann., Fin. Inst. § 7-213 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–213LinkCopy Citation
(a)
This section applies notwithstanding any other provision of law.
(b)
A credit union share guaranty corporation and the Commissioner may exchange information, including information obtained during an examination, about a participating credit union or a credit union that is applying for participation in the credit union share guaranty corporation.
(c)
The Commissioner may exchange information, including information obtained during an examination, about a credit union share guaranty corporation with any state or federal agency having supervisory authority over the credit union share guaranty corporation.
Md. Code Ann., Fin. Inst. § 7-214 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–214LinkCopy Citation
(a)
A credit union share guaranty corporation shall have a written contract with each participating credit union that clearly establishes the rights and obligations of the parties.
(b)
At least 30 days before the effective date of any material amendment to the standard written contract that is submitted under § 7-206(b) of this subtitle, the credit union share guaranty corporation shall file the amendment with the Commissioner.
Md. Code Ann., Fin. Inst. § 7-215 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–215LinkCopy Citation
A credit union share guaranty corporation shall provide written notice to the Commissioner of:
(1)
The receipt from a credit union of an application for participation in the credit union share guaranty corporation;
(2)
The credit union share guaranty corporation’s underwriting decision regarding the application for participation; and
(3)
The voluntary or involuntary termination of the participation of a credit union in the credit union share guaranty corporation.
Md. Code Ann., Fin. Inst. § 7-216 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–216LinkCopy Citation
(a)
(1)
Except as provided in paragraph (2) of this subsection, a credit union share guaranty corporation shall establish and maintain a guaranty fund of at least 1 percent of the aggregate shares and deposits of the participating credit unions.
(2)
A credit union share guaranty corporation that is domiciled outside the State may maintain a guaranty fund at the level permitted by its state of domicile if the credit union share guaranty corporation:
(i)
Has been domiciled in that state for at least 25 years immediately preceding the date of the credit union share guaranty corporation’s completed application for a certificate of authority;
(ii)
Has engaged in the credit union share guaranty business for at least 25 years immediately preceding the date of the credit union share guaranty corporation’s completed application for a certificate of authority; and
(iii)
The business of the credit union share guaranty corporation is subject to regulation by its state of domicile.
(b)
The guaranty fund shall be composed of the following:
(1)
The account for each participating credit union;
(2)
Retained earnings; and
(3)
Any reserves established under § 7–217 of this subtitle.
(c)
The amount of the account of each participating credit union shall be carried on the books of the participating credit union as an asset.
(d)
Notwithstanding any other provision of this subtitle, a credit union share guaranty corporation may require a participating credit union to make additional capital contributions to maintain the normal operating level during any calendar year in which the fund has been reduced below the minimum operating level as a result of payment of any deficiencies in credit union share accounts.
(e)
Within 60 days of the assessment, a credit union share guaranty corporation shall file with the Commissioner a report of each capital contribution that the credit union share guaranty corporation requires under subsection (d) of this section.
(f)
(1)
If a participating credit union fails to pay an annual capital contribution, premium, fee, or assessment when due, the credit union share guaranty corporation:
(i)
Within 10 days after the failure, shall report the failure in writing to the Commissioner; and
(ii)
After 30 days’ notice, may revoke the participating credit union’s participation in the credit union share guaranty corporation, unless good cause is shown for the failure.
(2)
The 30–day notice of revocation required under paragraph (1)(ii) of this subsection does not apply to the revocation of excess coverage.
(g)
(1)
Subject to the provisions of paragraph (2) of this subsection, a credit union share guaranty corporation shall refund to a participating credit union an amount equal to the balance of the participating credit union’s capital contribution account, less any outstanding debts owed to the credit union share guaranty corporation, if the participating credit union:
(i)
Voluntarily dissolves;
(ii)
Obtains primary share guaranty insurance from the National Credit Union Administration Share Insurance Program or another credit union share guaranty corporation regulated under this subtitle; or
(iii)
Merges or consolidates with another credit union that results in the share and deposit accounts of the surviving or new credit union being insured by the National Credit Union Administration Share Insurance Program or another credit union share guaranty corporation regulated under this subtitle.
(2)
A credit union share guaranty corporation shall make a refund under paragraph (1) of this subsection only if the guaranty fund equals or exceeds the guaranty fund’s normal operating level as calculated without the account of the exiting credit union.
(h)
If two or more participating credit unions merge or consolidate and the surviving or new credit union is to be insured by the credit union share guaranty corporation, the funds in the capital contribution account of each credit union shall be transferred to the account of the surviving or new credit union, less any outstanding debts owed to the credit union share guaranty corporation.
(i)
If a credit union share guaranty corporation is dissolved, the net assets after paying all liabilities and all costs of dissolution shall be distributed to the participating credit unions in accordance with their share and deposit balances, less any outstanding debts owed to the credit union share guaranty corporation.
Md. Code Ann., Fin. Inst. § 7-217 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–217LinkCopy Citation
(a)
(1)
A credit union share guaranty corporation shall establish reserves for guaranty losses on an incurred basis in accordance with generally accepted accounting principles during the period in which the losses become evident.
(2)
The reserves shall provide for:
(i)
Losses reported to the credit union share guaranty corporation;
(ii)
Losses incurred but not previously reported; and
(iii)
Estimated losses on the collection of notes and other guarantees to participating credit unions.
(b)
The reserves shall be maintained until the losses for which the reserves were established have been satisfied.
Md. Code Ann., Fin. Inst. § 7-218 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–218LinkCopy Citation
(a)
The Commissioner shall give prompt notice to the applicable credit union share guaranty corporation whenever the Commissioner:
(1)
Takes possession of the property and assets of a participating credit union; and
(2)
Determines to liquidate the property and assets of a participating credit union.
(b)
Notwithstanding the provisions of §§ 5-605 and 6-905(d) of this article, the Commissioner may petition a court of competent jurisdiction to appoint the applicable credit union share guaranty corporation as receiver of the participating credit union.
(c)
When the property and business of a participating credit union has been liquidated or is in the process of liquidation and the proceeds of liquidation distributed are insufficient to pay the full guaranteed amount of each credit union share or deposit account, the credit union share guaranty corporation shall pay each deficiency up to the guaranteed amount within 30 days after the date the credit union share or deposit account balance is verified.
(d)
When any participating credit union share or deposit account is paid, the credit union share guaranty corporation shall be subrogated to all rights of the member or depositor, up to the amount paid by the credit union share guaranty corporation to the member or depositor.
Md. Code Ann., Fin. Inst. § 7-219 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–219LinkCopy Citation
(a)
A credit union share guaranty corporation may terminate the participation of a participating credit union for any of the following reasons:
(1)
The participating credit union fails to satisfy the risk eligibility standards established by the credit union share guaranty corporation and applicable to all participating credit unions;
(2)
The participating credit union operates in an unsafe and unsound manner as determined by the credit union share guaranty corporation;
(3)
The participating credit union fails to furnish financial statements, delinquent loan reports, or other information considered necessary by the credit union share guaranty corporation;
(4)
The participating credit union fails to remedy in a timely manner a qualification arising from an audit permitted or required under the written contract between the participating credit union and the credit union share guaranty corporation;
(5)
The participating credit union fails to pay when due a capital contribution or applicable premium, fee, or assessment under this subtitle;
(6)
The participating credit union fails to comply with any provision of this article or the articles of incorporation or bylaws of the credit union share guaranty corporation that are material to the safety and soundness of the participating credit union; or
(7)
Continued participation by the participating credit union would result in a violation of this subtitle or other applicable state or federal law by the credit union share guaranty corporation.
(b)
(1)
At least 30 days before the effective date of any termination, the credit union share guaranty corporation shall send written notice of the pending termination and the reasons for the termination to:
(i)
The participating credit union whose participation is to be terminated; and
(ii)
The Commissioner.
(2)
The 30-day notice required under paragraph (1) of this subsection does not apply to the termination of excess coverage.
Md. Code Ann., Fin. Inst. § 7-220 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–220LinkCopy Citation
A person who violates any provision of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $5,000 or imprisonment not exceeding 5 years or both.
Md. Code Ann., Fin. Inst. § 7-221 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–221LinkCopy Citation
Nothing in this subtitle creates any liability on the State for the payment of any funds to any participating credit union or other person by reason of:
(1)
An act or omission of a credit union share guaranty corporation; or
(2)
A deficiency of a participating credit union in the event a credit union share guaranty corporation is unable to pay the deficiency.
Md. Code Ann., Fin. Inst. § 7-222 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–222LinkCopy Citation
A credit union share guaranty corporation, its participating credit unions, and persons who have share or deposit accounts in the participating credit unions are not subject to the provisions of the Insurance Article as a result of any of the activities of the credit union share guaranty corporation under this subtitle.
Md. Code Ann., Fin. Inst. § 7-223 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–223LinkCopy Citation
A credit union share guaranty corporation that is a nonprofit corporation exempt from federal taxation under § 501(c)(6) of the Internal Revenue Code is exempt from all taxes imposed by the State or any of its subdivisions under:
(1)
§§ 20–101, 20–104, 20–108, 20–113 through 20–127, 20–601, 20–603 through 20–609, 20–805, and 20–806, and Title 20, Subtitles 3 through 5 of the Local Government Article;
(2)
Title 6, Subtitle 1 of the Insurance Article;
(3)
The Tax – General Article; or
(4)
The Tax – Property Article.
Md. Code Ann., Fin. Inst. § 7-224 (2026)
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations
§ 7–224LinkCopy Citation
The Commissioner may adopt rules and regulations to carry out this subtitle.