SPIRO T. AGNEW, Governor                          19

their own number a president, vice president, secretary and treas-
urer, who shall be the executive officers of the corporation. If the

(A) AT THEIR FIRST MEETING AFTER THE ANNUAL
MEETING OF THE MEMBERS, THE BOARD OF DIRECTORS
SHALL ELECT A PRESIDENT, VICE PRESIDENT, SECRE-
TARY AND TREASURER, WHO SHALL BE THE EXECUTIVE
OFFICERS OF THE CORPORATION. THE PRESIDENT SHALL
BE SELECTED FROM AMONG THE DIRECTORS. IF THE
bylaws so provide, an assistant secretary or an assistant treasurer,
or both, may be appointed by the board. The offices of secretary and
treasurer may, if the bylaws so provide, be held by one person. The
board of directors shall have the general management of the affairs,
funds and records of the corporation and shall meet as often as may
be necessary. It shall be the special duty of the directors: (1) To
act upon all applications for membership and the expulsion of mem-
bers; to fix the amount of the surety bond which shall be required
of each officer having the custody of funds. (2) To determine inter-
est rates and fix the maximum number of shares which may be held
by the maximum amount which may be loaned to any one member; to
declare dividends and to recommend amendments to the bylaws.
(3) To fill vacancies in the board of directors or in the credit com-
mittee until the election and qualification of successors; to have
charge of the investment of funds of the corporation except loans to
members and to perform such other duties as the members may from
time to time authorize. (4) To authorize and fix the amount of com-
pensation for the treasurer.

(c) The officers elected by the board of directors may receive
such compensation as the members may authorize [.], except as to
the compensation of the treasurer. The members of the board of
directors and members of the credit and supervisory committees
may receive such compensation as the members may authorize sub-
ject to the final approval of the State Bank Commissioner.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved March 22, 1968.

CHAPTER 19
(Senate Bill 108)

AN ACT to repeal and re-enact, with amendments, Section 146 of
Article 11 of the Annotated Code of Maryland (1957 Edition),
title "Banks and Trust Companies," subtitle "Credit Unions," to
authorize the creation of the position of a loan officer by the credit
committee of a credit union and providing for the duties of the
loan officer.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 146 of Article 11 of the Annotated Code of Maryland
(1957 Edition), title "Banks and Trust Companies," subtitle "Credit
Unions," be and the same is hereby repealed and re-enacted with
amendment, to read as follows: