MARVIN MANDEL, Governor                               3193

UNION'S MEMBERSHIP IN THE CORPORATION, TO ASSUME CONTROL
OF THE PROPERTY AND BUSINESS OF ANY CREDIT UNION AND
OPERATE THE CREDIT UNION IN ACCORDANCE WITH ANY
RECOMMENDATIONS THAT THE SUPERVISOR MAY OFFER.

(10)       TO ASSIST IN THE MERGER, STABILIZATION,
CONSOLIDATION, OR LIQUIDATION OF CREDIT UNIONS.

(11)      TO BECOME A MEMBER OF THE NATIONAL SHARE
AND DEPOSIT [[INSURANCE]] GUARANTY CORPORATION OR
COMPARABLE ORGANIZATION.

(c) The earnings shall be accumulated by the
corporation, and no part thereof may be returned to the
member [associations] CREDIT UNIONS.

453.

(a)    All of the corporate powers of the corporation
shall be exercised by a board of directors, composed of
eleven members who initially shall be appointed by the
Governor. After a minimum of three [associations] CREDIT
UNIONS have become members of the corporation, the first
annual meeting of the corporation shall be held, and the
member [associations] CREDIT UNIONS of the corporation
shall elect eight directors, each of whoa shall be a
registered voter of the State of Maryland [and reside
therein] WHO RESIDES IN MARYLAND. Of the directors
elected at the first annual meeting, [three shall be
elected for terns of two years each, three shall be
elected for teres of three years each, and two shall be
elected for terms of four years each;] TWO SHALL BE
ELECTED FOR TERMS OF ONE YEAR EACH, TWO SHALL BE ELECTED
FOR TERMS OF TWO YEARS EACH, TWO SHALL BE ELECTED FOR
TERMS OF THREE YEARS EACH, AND TWO SHALL BE ELECTED FOR
TERMS OF FOUR YEARS EACH; and thereafter all terms shall
be for four years each.

(b)    In addition to the eight directors elected by
the member [associations,] CREDIT UNIONS 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[; 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.