J. MILLARD TAWES, GOVERNOR                               201

(c) Minimum share requirements. (1) Every association referred
to in sub-section (a) hereof shall have and maintain a minimum
aggregate amount of free share accounts, determined by the location
of the principal office of the association, as follows: ten thousand
dollars ($10,000.00) in cities, towns or villages having up to fifteen
thousand (15,000) inhabitants; twenty-five thousand dollars ($25,-
000.00) in cities, towns or villages having more than fifteen thousand
(15,000) but less than one hundred thousand (100,000) inhabitants;
fifty thousand dollars ($50,000.00) in cities, towns or villages having
one hundred thousand (100,000) or more inhabitants. The number
of inhabitants of the city, town or village shall be determined by
the Board in accordance with the latest federal census. Any associa-
tion not complying with the foregoing minimum requirements on
the effective date of this section shall comply within ninety (90)
days from such effective date.

(2) If any association fails to comply with the provisions of sub-
section (c) (1) hereof, the Attorney General may, and upon notifica-
tion by the Board shall, institute proceedings against such associa-
tion as provided in Section 84 of this Article.

161E. BOARD OF COMMISSIONERS.

(a)  Established. The Board of Building, Savings and Loan As-
sociation Commissioners (referred to herein as the "Board") is
hereby created with the powers and duties specified in this sub-title
and with such powers as may be necessary and proper to the full
and effectual execution of the purposes of this Article relative to
associations.

(b)  Composition, Appointment Qualifications and Tenure. The
Board of Building, Savings and Loan Association Commissioners
shall consist of seven (7) members who shall be appointed by the
Governor with the advice and consent of the Senate. Each of the
members shall have been a resident and registered voter of the State
of Maryland and engaged as an officer, director of attorney of a
building association, the principal place of business of which is

located in this State, for at least the five (5) year period next pre-

ceding his appointment. At least four (4) of the members shall

have been actively engaged as an officer, director or attorney of a
building association chartered or incorporated under the laws of
the State of Maryland, free share accounts of which are not in-

sured. At least two (2) of the members shall have been actively en-

gaged as an officer, director or attorney of an association free share
accounts of which are insured by an instrumentality of the United

States Government. At least three (3) of the members shall be resi-

dents of Baltimore City. At least three (3) of the members shall

be residents of the counties of Maryland. However, one (1) of the

members shall be selected from the public at large and the require-

ment that such member have been an officer, director or at

torney of an association shall not apply. Not more than four (4)

of such members shall be of the same political party. The term of

OF MARYLAND AND ENGAGED AS AN OFFICER OR DIREC-
TOR OF A BUILDING ASSOCIATION, THE PRINCIPAL PLACE
OF BUSINESS OF WHICH IS LOCATED IN THIS STATE, FOR
AT LEAST THE FIVE-YEAR PERIOD NEXT PRECEDING HIS
APPOINTMENT. AT LEAST THREE (3) OF THE MEMBERS