Section 7-106 - Membership - Applications.
§ 7-106. Membership - Applications.
(a) Application and referral.-
(1) 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.
(2) The Corporation shall refer each application that it receives to the Commissioner.
(b) Consideration by Commissioner.-
(1) On receipt of an application for membership, the Commissioner shall examine the affairs of the credit union.
(2) If the Commissioner finds that the credit union qualifies for membership under § 7-107 of this title, the Commissioner shall certify that fact to the Corporation.
(c) No benefits until qualifications certified.- The Corporation may not extend benefits to any credit union until the Corporation receives the certification of the Commissioner.
[An. Code 1957, art. 23, § 463; 1980, ch. 33, § 2; 1996, ch. 326, § 2; 2002, ch. 540.]