3194                                             LAWS OF MARYLAND                       [Ch. 717

(c)    Whenever a vacancy occurs in the membership of
any director elected by the members of the corporation,
through death, resignation, or otherwise, the remaining
directors shall elect a person to fill the vacancy [for
the unexpired term] UNTIL THE NEXT ANNUAL MEETING OF THE
CORPORATION AT WHICH THE MEMBER CREDIT UNIONS SHALL ELECT
DIRECTORS TO FILL ANY. UNEXPIRED TERMS IN THE SAME MANNER
THEY ELECT DIRECTORS FOR REGULAR TERMS. A 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 Regulation and
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.

(d)     The board of directors shall elect one of its
members as chairman of the board, and adopt bylaws,
rules, and regulations for the corporation, and it may
appoint officers and employees it deems advisable.

(e)    Six members of the board of directors are a
quorum at any BOARD meeting [thereof].

(f)     In the election of directors and in voting on
any other matter legally to come before a meeting of the
corporation, each member (association] CREDIT UNION of
the corporation has one vote, to be cast by a delegate
authorized to act by that [association] CREDIT UNION. A
delegate may not vote on behalf of more than one member
[association] CREDIT UNION. A majority of the votes so
cast shall elect directors or determine any question put
to a vote.

(g)     The directors of the corporation may receive
reasonable compensation as determined by the board of
directors with approval of the [Bank Commissioner]
SUPERVISOR.

(h) The directors of the corporation shall fix the
amount of the surety bonds of the officers and employees
of the corporation, conditioned upon the faithful
performance of their duties, as provided in the bylaws of
the corporation.

454.

The membership of the corporation consists of those
[associations] CREDIT UNIONS the financial affairs,
solvency, management, and directorship of which have been
certified to the corporation, as approved for insurance
of [credit accounts] SHARE AND DEPOSIT ACCOUNTS, by the
supervisor, and which have [thereupon] filed an