Md. Code Ann., Fin. Inst. § 6-708
Power to borrow money
Effective Oct 1, 2001Added as Financial Institutions § 6-604 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 6-708 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.State of Maryland
(a)
- (1) Subject to the provisions of paragraph (2) of this subsection, a credit union may borrow money for the purchase of fixed assets.
(2) The term of the loan may not exceed:
- (i) 15 years for borrowings secured by real or leasehold property; and
- (ii) 5 years for borrowings secured by other fixed assets.
(b) A credit union may borrow money for a purpose other than the purchase of fixed assets as long as the total borrowing does not exceed the greater of:
- (1) Two times the net worth of the borrowing credit union; or
- (2) 10% of the total assets of the borrowing credit union.
Added as Financial Institutions § 6-604 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 6-708 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
Formerly Art. 11, § 161.