860                                 Laws of Maryland                         Ch. 402

in the Board by the provisions of this subtitle, shall be subject to the
power and authority of the Secretary of Licensing and Regulation
as set forth in Article 41 of this Code, or elsewhere in the laws of
this State.

Sec. 12. And be it further enacted by the General Assembly of
Maryland, That Sections 161MM, 161-OO (b) and (c) of Article 23
of the Annotated Code of Maryland (1957 Edition, 1966 Replacement
Volume), title "Corporations," subtitle "Maryland Savings-Share
Insurance Corporation," be and they are IT IS hereby repealed and
re-enacted, with amendments, to read as follows:

161MM.

A nonstock, nonprofit corporation is created as a part of the De-
partment of Licensing and Regulation, which shall be known as the
Maryland Savings Share Insurance Corporation, and the members
of which shall be certain eligible savings and loan associations of this

State, as defined in Section 161WW (4) of this subtitle. Except as

otherwise provided in this subheading, the Corporation possesses
all the powers, privileges, and immunities which now are or hereafter
may be conferred on corporations by the general corporation law
applicable to corporations organized thereunder. The board of direc-
tors may adopt and promulgate bylaws, rules, and regulations which
conform to the reasonable intent and purposes of this subheading.
The rules and regulations apply to members of the Corporation
and to associations applying for membership therein. The bylaws,
rules, and regulations so adopted shall be filed with the Department
of Assessments and Taxation. The exercise or performance of all
powers, authority, duties and functions vested in the Corporation

by the provisions of this subtitle, shall be subject to the power and

authority of the Secretary of Licensing and Regulation as set forth
in Article 41 of this Code, or elsewhere in the laws of this State.

161-OO.

(b)  In addition to the eight directors elected by the member as-
sociations, as provided in subsection (a) of this section, the Governor
of Maryland, shall appoint three directors of the Corporation for a
term of four years, whose terms shall commence on the date of the
first annual meeting of the Corporation; and thereafter the Governor,
with the advice of the Secretary of Licensing and Regulation, shall
appoint directors from time to time to fill these offices of director
whenever they become vacant. Any director so appointed shall be a
registered voter of the State of Maryland who resides in Maryland.

(c)   If any vacancy occurs in the membership of any director
elected by the members of the Corporation, through death, resigna-
tion, or otherwise, the remaining directors shall elect a person to
fill the vacancy for the unexpired term. Any vacancy occurring in
the term of the director appointed by the Governor, with the advice
of the Secretary of Licensing and Regulation, shall be filled by the
Governor with the advice of the Secretary of Licensing and Regu-
lation for the unexpired term. Upon the expiration of the term of
any director, he shall continue as such until his successor has been
elected or appointed, and has qualified.