May 16, 2002

The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis MD 21401

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today vetoed Senate Bill 776 - Credit Unions - Credit Union Insurance Corporation - Credit Union Share Guaranty Corporations.

This bill provides for the phase-out of the Credit Union Insurance Corporation and provides procedures for regulation and certification of a new credit union guaranty corporation.

House Bill 728, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate Bill 776.

Parris N. Glendening