Ch. 224 LAWS OF MARYLAND

INITIAL APPOINTMENTS SHALL BE GOVERNED BY THE
ORGANIZATIONAL DOCUMENTS OF THE FUND, SUBJECT TO THE
FOLLOWING REQUIREMENTS:

(I) AT LEAST TWO-THIRDS OF THE VOTING TRUSTEES
SHALL BE REPRESENTATIVES OF:

1. THE COMMERCIAL BANKING OR SAVINGS

INSTITUTION INDUSTRY IN THE STATE OR OTHER PARTICIPANTS THAT
HAVE PLEDGED OR CONTRIBUTED FUNDING OR OTHER SUBSTANTIAL
ASSISTANCE TO THE FUND, WHICH TRUSTEES SHALL CONSTITUTE AT
LEAST 51% A MAJORITY OF THE VOTING TRUSTEES; OR

2. TRADE ORGANIZATIONS CONSISTING OF OR

OTHERWISE REPRESENTING 2 OR MORE MEMBERS OF THE COMMERCIAL
BANKING OR SAVINGS INSTITUTION INDUSTRY IN THE STATE OR OTHER
PARTICIPANTS WHICH HAVE CONTRIBUTED FUNDING OR OTHER
SUBSTANTIAL ASSISTANCE TO THE FUND; AND

(II) AT LEAST 20% OF THE VOTING TRUSTEES SHALL BE
REPRESENTATIVES OF COMMUNITY GROUPS OR OTHER ENTITIES OR
ORGANIZATIONS WHICH MAY BE ELIGIBLE TO RECEIVE COMMUNITY
REINVESTMENT ASSISTANCE.

(C) THE TERM OF A VOTING TRUSTEE MAY NOT EXCEED 3 YEARS,
SUBJECT TO REAPPOINTMENT.

(D) THE BOARD SHALL DETERMINE THE TIMES AND PLACES OF ITS

MEETINGS.

(E) EXCEPT AS IS SET FORTH EXPRESSLY IN THIS TITLE, THE
OPERATION OF THE BOARD SHALL BE GOVERNED BY THE
ORGANIZATIONAL DOCUMENTS OF THE FUND, INCLUDING QUORUM
AND VOTING REQUIREMENTS, APPOINTMENTS OF VOTING TRUSTEES,
AND REMOVAL OF VOTING TRUSTEES.

(F) IN ADDITION TO ANY OTHER POWERS SET FORTH IN THIS
TITLE, THE BOARD SHALL HAVE ALL POWERS AT LAW OR IN EQUITY
ARISING FROM THE DOCUMENTS AND PROCEDURES CREATING AND
ORGANIZING THE FUND AS AN INDEPENDENT LEGAL ENTITY.

10-106.

THE BOARD SHALL:

(1) KEEP PROPER RECORDS OF ITS ACCOUNTS;

(2) ESTABLISH CRITERIA AND GUIDELINES FOR:

(I) THE TERMS AND CONDITIONS OF COMMUNITY
REINVESTMENT ASSISTANCE AND OTHER FUND REINVESTMENTS; AND

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