454 LAWS OF MARYLAND [CH. 131

(d) The Board of Directors shall elect one of its members as
Chairman of such Board, shall adopt by-laws, RULES AND REGU-
LATIONS for the Corporation, and may appoint such officers and
employees as it deems advisable.

(e) Six members of the board of directors are a quorum AT ANY
ONE MEETING THEREOF.

(f) In the election of directors and in voting on any other matter
legally to come before a meeting of the Corporation, each member
association of the Corporation has one vote, to be cast by a delegate
authorized to act by that association. A delegate may not vote on
behalf of more than one member association. A majority of the
votes so cast shall elect directors or determine any question put
to a vote.

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(G) NOT MORE THAN THREE DIRECTORS OF THE COR-
PORATION, AT ANY ONE TIME, MAY BE DIRECTORS OR
OFFICERS OF MEMBER ASSOCIATIONS WHICH ARE IN-
SURED INSTITUTIONS OF THE FEDERAL SAVINGS AND
LOAN INSURANCE CORPORATION. IF AT ANY TIME A
DIRECTOR OF THIS CORPORATION IS ALSO A DIRECTOR OR
OFFICER OF AN ASSOCIATION, AND SAID ASSOCIATION
BECOMES AN INSURED INSTITUTION OF THE FEDERAL
SAVINGS AND LOAN INSURANCE CORPORATION, AND SUCH
OCCURRENCE INCREASES THE NUMBER OF DIRECTORS,
OF THIS CORPORATION, ALLOWED FROM ASSOCIATIONS
WHICH ARE INSURED INSTITUTIONS OF THE FEDERAL
SAVINGS AND LOAN INSURANCE CORPORATION TO MORE
THAN THREE, THE TERM OF SUCH DIRECTOR SHALL BE-
COME VACANT, AND THE VACANCY SHALL BE FILLED AS
PROVIDED IN SUB-SECTION (C) OF THIS SECTION.

(h) The directors of the Corporation may receive such reasonable
compensation as may be determined BY THE BOARD OF DIREC-
TORS.

(i) The directors of the Corporation shall fix the amount of the
surety bonds of the officers and employees of the Corporation con-
ditioned upon the faithful performance of their duties, as provided
in the by-laws of the Corporation.

161PP. The membership of the Corporation consists of those
associations the financial affairs, solvency, management, and direc-
torship of which have been certified to the Corporation, as approved
for insurance of free share accounts, by the Director SUPERVISOR,
and which have thereupon filed an application for membership ac-