(a) The Board of Directors of the Corporation shall adopt bylaws for the Corporation and rules and regulations to carry out the provisions of this title.
(b) (1) A bylaw, rule, or regulation becomes effective only after it is submitted to and approved by the Commissioner.
(2) A bylaw, rule, or regulation is considered approved if the Commissioner does not notify the Corporation of disapproval and the reasons for it within 30 days after submission of the bylaw, rule, or regulation.
(3) The Commissioner may disapprove a bylaw, rule, or regulation only if the Commissioner has reason to believe that:
(i) It is contrary to the principles or purposes of this title; or
(ii) It does not serve the best interests of the public.
Structure Maryland Statutes
Title 7 - Credit Union Share Insurance
Subtitle 1 - Credit Union Insurance Corporation
Part II - Establishment; Powers; Membership
Section 7-102 - Corporation Established
Section 7-103 - Purposes of Corporation
Section 7-104 - General Powers and Duties
Section 7-105 - Insurance of Share and Deposit Accounts
Section 7-106 - Membership -- Applications
Section 7-107 - Membership -- Qualifications; Term; Termination; Duties
Section 7-108 - Membership -- Voting by Members
Section 7-109 - Board of Directors
Section 7-110 - Officers and Staff
Section 7-111 - Bylaws, Rules, and Regulations
Section 7-112 - Independent Audits of Members
Section 7-113 - Cooperation and Exchange of Information
Section 7-114 - Earnings to Be Accumulated
Section 7-115 - Application of State Insurance Laws