202                               Laws of Maryland                       [Ch. 205

SHALL HAVE BEEN ACTIVELY ENGAGED AS OFFICERS OR
DIRECTORS OF A BUILDING ASSOCIATION CHARTERED OR
INCORPORATED UNDER THE LAWS OF THE STATE OF
MARYLAND, FREE SHARE ACCOUNTS OF WHICH ARE NOT
INSURED BY AN INSTRUMENTALITY OF THE UNITED
STATES GOVERNMENT. AT LEAST ONE (1) OF THE MEM-
BERS SHALL HAVE BEEN ACTIVELY ENGAGED AS AN
OFFICER OR DIRECTOR OF AN ASSOCIATION, FREE SHARE
ACCOUNTS OF WHICH ARE INSURED BY AN INSTRUMEN-
TALITY OF THE UNITED STATES GOVERNMENT. AT LEAST
THREE (3) OF THE MEMBERS SHALL BE RESIDENTS OF
BALTIMORE CITY. AT LEAST THREE (3) OF THE MEMBERS
SHALL BE RESIDENTS OF THE COUNTIES OF MARYLAND.
HOWEVER, THREE (3) OF THE MEMBERS SHALL BE
SELECTED FROM THE PUBLIC AT LARGE, AND THE RE-
QUIREMENT THAT SUCH MEMBER SHALL HAVE BEEN AN
OFFICER OR DIRECTOR OF AN ASSOCIATION SHALL NOT
APPLY. A PRACTICING ATTORNEY MAY BE A MEMBER
OF THE BOARD UNLESS HE IS OR HAS BEEN WITHIN THE
TWELVE-MONTH PERIOD NEXT PRECEDING HIS APPOINT-
MENT REGULARLY EMPLOYED BY AN ASSOCIATION OR
A TITLE COMPANY. THE TERM OF office of the members of
said Board shall be four (4) years, commencing on the first day
of June next ensuing their respective appointments, except as here-
inafter provided, and such members shall hold office until their
respective successors have been appointed and qualified. Any vacancy
on the Board shall be filled by the Governor for the unexpired term
created thereby. Initially, three (8) of the members shall be ap-
pointed to serve from the first day of June, 1961, through the 31st
day of May, 1963, and four (4) of the members shall be appointed
to serve from the first day of June, 1961, through the 31st day of
May, 1965. All members of the Board shall serve without compensa-
tion, but shall be reimbursed for necessary and proper expenses in-
curred while actually engaged in the performance of their duties as
members.

(c)  Seal. The Board shall have an official seal bearing the in-
scription "Board of Building, Savings and Loan Association Com-
missioners of the State of Maryland."                                       

(d) Oath. Each member of the Board and the Director and Deputy
Director of the Department shall take and subscribe the oath pre-
scribed by the Constitution, to be administered by the clerk, or one
of the sworn deputies, of the circuit court of the county or the
Superior Court of Baltimore City, according to the residence of
each appointee.

(e)  Powers and Duties. (1) The Board shall elect from its mem-
bers a chairman, vice-chairman and secretary; shall adopt regula-
tions for the holding and conducting of meetings and for holding
hearings concerning all matters within its powers; and shall keep
a record of all meetings and transactions. Regular meetings shall
be held as provided in the regulations, and special meetings may be
called by the chairman or upon request of any four (4) members of
the Board.

(2) The Board shall submit, within thirty (30) days after the
first formal meeting of the Board, a list to the Governor of the