§ 7-104. General powers and duties

   (a) Authority of Commissioner. -- The Corporation exercises its powers and performs its duties subject to the authority of the Commissioner.

(b) General corporate powers. -- Except as otherwise provided in this subtitle, the Corporation has all of the powers, privileges, and immunities granted to Maryland corporations under the Maryland General Corporation Law.

(c) Perpetual existence. -- Subject to the provisions of Part III of this subtitle, the Corporation has perpetual existence.

(d) Financial assistance. -- The Corporation may:

   (1) Lend money to any credit union;

   (2) Guarantee, endorse, or act as surety on the obligations of or otherwise assist financially any credit union; and

   (3) Establish and regulate the terms and conditions of and charges for any loans or financial assistance to credit unions.

(e) Buying and selling property. --

   (1) The Corporation may buy, lease, or otherwise acquire and sell, mortgage, lease, or otherwise dispose of real or personal property on the terms that its Board of Directors considers advisable.

   (2) The Corporation may acquire any real or personal property in satisfaction of debts or enforcement of obligations and may dispose of that property.

(f) Stabilization and liquidation of credit unions. -- The Corporation may:

   (1) Assist in the merger, stabilization, consolidation, or liquidation of credit unions; and

   (2) Take possession of and operate the business and assets of any credit union if ordered to do so by the Commissioner under § 6-905 of this article.

(g) Membership in national organizations. -- The Corporation may become a member of the National Association of Share Insurance Corporations or any comparable organization.

(h) Investments. -- The Corporation may invest any of its funds in:

   (1) Cash or deposits in checking or savings accounts with or certificates of deposit of:

      (i) Any bank that is a member of the Federal Deposit Insurance Corporation; and

      (ii) Any savings and loan association whose deposits are insured by the Federal Deposit Insurance Corporation;

   (2) Cash or deposits in share or deposit accounts with or certificates of deposit or notes of any credit union that is a member of the Corporation, the National Credit Union Administration Share Insurance Program, or a similar insurance program;

   (3) Obligations of:

      (i) The United States or any state or any political subdivision of any state;

      (ii) Any commission, instrumentality, agency, or authority of the United States or any state; and

      (iii) Any corporation that is incorporated under the laws of the United States or of any state;

   (4) Readily marketable, dividend-paying shares of any corporation that is incorporated under the laws of the United States or of any state, except that it may not invest more than 10 percent of its total assets in these shares nor more than 3 percent of its total assets in the shares of any one corporation; and

   (5) Any other investments, including common trust investments, that are permitted by law or authorized by the Commissioner for credit unions.

(i) Borrowing. -- The Corporation may:

   (1) Borrow money and otherwise incur obligations for any of its purposes;

   (2) Issue its secured or unsecured bonds, debentures, notes, or other evidences of obligation; and

   (3) Secure these obligations by mortgage, pledge, or other lien on all or any part of its property, rights, and privileges.

HISTORY: An. Code 1957, art. 23, § 451, 452, 460; 1980, ch. 33, § 2; 1986, ch. 5, § 1; 1988, ch. 635; 1996, ch. 326, § 2; 2001, ch. 147, § 9; ch. 148, § 9; 2002, ch. 540.