848                              Laws of Maryland                       Ch. 402

as an officer or director of, or attorney for, [an] a State chartered
building association, free share accounts of which are insured by
an instrumentality of the United States government. The remaining
[three (3)] four (4) members shall be selected from the public
at large. Such public members shall not have served during the
twelve months next preceding their appointment as officers or direc-
tors of, or attorneys for, any association, and shall not so serve while
members of the Board. [At least three (3) members shall be resi-
dents of Baltimore City. At least three (3) members shall be resi-
dents of the counties of Maryland. For purposes of geographical
qualification, an industry member may be considered either a resi-
dent of the subdivision in which is located the principal place of
business of the association for which he serves as an officer,
director, or attorney, or, in the alternative, a resident of the sub-
division in which he actually resides.] The term of office of the
members of said Board shall be four (4) years, commencing on
the first day of June next following their respective appointments,
except as hereinafter 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, with the
advice of the Secretary of Licensing and Regulation, for the un-
expired term created thereby. [Initially, three (3) of the members
shall be appointed to serve from the 1st day of June, 1961, through
the 31st day of May, 1963, and four 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 with-
out compensation, but shall be reimbursed for necessary and proper
expenses incurred while actually engaged in the performance of
their duties as members. Those persons serving as Board members
as of June 30, 1970 shall continue to serve until the expiration of
the terms to which they were appointed. Of the two additional
Board members whose offices were created in 1970, one shall be ap-
pointed for a term commencing on the effective date of this Act and
which will expire May 31, 1972, and, the other shall be appointed
for a term commencing on the effective date of this Act and which
will expire on May 31, 1974. Their successors shall be appointed for
terms of four (4) years.

161E.

(e) (1) The [Board] Secretary of Licensing and Regulation,
with the approval of the Governor, shall [elect from its members
a] designate one of the members of the Board to be chairman
and the Board shall elect from its members a vice-chairman and
secretary [;]. The Board shall adopt regulations 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
names of five (5) persons qualified as herein set forth and compe-
tent in the opinion of the Board to perform the duties and functions
of the Director. Thereafter the Board shall submit to the [Gover-
nor] Secretary of Licensing and Regulation such a list [not less
than thirty (30) days before the date of the expiration of the term