1272                              LAWS OF MARYLAND                        [CH. 589

3. As used in this article, unless the context clearly requires
otherwise, the following terms shall mean:

a. (1) "Corporation" shall mean the Maryland Higher Education
Loan Corporation.

b. (2) "Board" shall mean the Board of Directors of the Maryland
Higher Education Loan Corporation.

c. (3) "College" shall mean any institution of higher education,
recognized and approved as such by the regents of the University of
Maryland, STATE ACCREDITING AGENCY FOR THE STATE
WHERE SUCH EDUCATIONAL INSTITUTION IS SITUATED,
which provides a course of study leading to the granting of a post-
secondary degree or diploma.

4. (A) SUCH CORPORATION SHALL BE GOVERNED AND
ALL OF ITS CORPORATE POWERS EXERCISED BY A BOARD
OF DIRECTORS WHICH SHALL CONSIST OF ELEVEN MEM-
BERS, NINE OF WHOM SHALL BE APPOINTED BY THE GOV-
ERNOR WITH THE ADVICE AND CONSENT OF THE SENATE.
THE CHAIRMAN OF THE STATE SCHOLARSHIP BOARD AND
THE PRESIDENT OF THE UNIVERSITY OF MARYLAND
SHALL SERVE AS MEMBERS OF SUCH BOARD EX OFFICIO.
ALL MEMBERS SHALL BE OF FULL AGE, CITIZENS OF THE
UNITED STATES AND RESIDENTS OF THE STATE, AND
SHALL BE APPOINTED FOR TERMS OF SIX YEARS EACH.
OF THE MEMBERS FIRST APPOINTED, THREE SHALL BE
APPOINTED FOR A TERM OF TWO YEARS, THREE FOR A
TERM OF FOUR YEARS AND THREE FOR A TERM OF SIX
YEARS. THE GOVERNOR SHALL DESIGNATE A CHAIRMAN
AND VICE CHAIRMAN WHO SHALL SERVE FOR TERMS OF
ONE YEAR, AND WHO SHALL BE ELIGIBLE FOR REAP-
POINTMENT for successive terms. No person shall serve as a direc-
tor longer than until and including the last day of December in the
year in which he shall be seventy years of age. Vacancies shall be

4. (a) Such corporation shall be governed and all of its corpo-

rate powers exercised by a board of directors which shall consist of
eleven members, nine of whom shall be appointed as hereinafter
provided, and the Chairman of the State Scholarship Board and the
President of the University of Maryland serving as members of such
board ex officio. Three members shall be appointed by the governor,
three shall be appointed by the president of the Senate of Maryland

and three shall be appointed by the speaker of the House of Dele-

gates of Maryland. All members shall be of full age, citizens of the

United States and residents of the state, and shall be appointed for

terms of six years each. Of the members first appointed by the gov-
ernor, one shall be appointed for a term of two years, one for a term

of four years and one for a term of six years; and of the members

first appointed by the president of the Senate of Maryland, one shall

be appointed for a term of two years, and one for a term of four years

and one for a term of six years; and of the members first appointed
by the speaker of the House of Delegates of Maryland, one shall be
appointed for a term of two years, one for a term of four years and

one for a term of six years. The board of directors shall elect, from

its own members each year, a chairman and vice chairman who shall

serve for terms of one year and who shall be eligible for re-election