MARVIN MANDEL, Governor

1753

(f), which authorize establishment of a
branch, are retained in Art. 11, §40 for
eventual allocation to the Business Regulation
Article.

Present §40(d), which contains special
provisions for Calvert County, is retained
there for eventual allocation to the Business
Regulation Article.

6-108. CERTIFICATION.

A SAVINGS INSTITUTION MAY NOT COMMENCE BUSINESS
UNTIL IT RECEIVES FROM THE COMMISSIONER UNDER HIS
OFFICIAL SEAL AND SIGNATURE A CERTIFICATE OF AUTHORITY TO
COMMENCE BUSINESS. BEFORE THE COMMISSIONER ISSUES HIS
CERTIFICATE. THE SAVINGS INSTITUTION SHALL HAVE THE
INITIAL GUARANTY FUND REQUIRED BY §6-107 (A) OF THIS
SUBTITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first two
sentences of Art. 11, §39(b).

6-109. ANNUAL MEETING OF MEMBERS.

THE BYLAWS OF A SAVINGS INSTITUTION SHALL PROVIDE
FOR ANNUAL MEETINGS OF THE MEMBERS TO ELECT DIRECTORS AND
MEMBERS AND TO TRANSACT OTHER BUSINESS.

REVISOR'S NOTE: This section is new language derived
without substantive change from the eleventh
sentence of Art. 11, §39(a).

6-110. BOARD OF DIRECTORS - NUMBER; QUALIFICATION; OATH.

(A)   NUMBER.

EACH SAVINGS INSTITUTION SHALL HAVE AT LEAST FIVE
AND NOT MORE THAN 30 DIRECTORS.

(B)    QUALIFICATION.

EACH DIRECTOR SHALL BE A MEMBER OF THE SAVINGS
INSTITUTION.

(C)   OATH OF OFFICE.

EACH DIRECTOR SHALL TAKE AN OATH THAT HE:

(1)   WILL PERFORM DILIGENTLY AND HONESTLY THE
DUTIES OF HIS OFFICE; AND

(2)    WILL NOT VIOLATE KNOWINGLY OR PERMIT