§ 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 subtitle, 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.

HISTORY: An. Code 1957, art. 23, § 463; 1980, ch. 33, § 2; 1996, ch. 326, § 2; 2002, ch. 540; 2010, ch. 72, § 5.