3202

LAWS OF MARYLAND

[Ch. 719

161E(b) of Article 23 — Corporations, of the Annotated
Code of Maryland (1973 Replacement Volume and 1974
Supplement) be and it is hereby repealed and re—enacted,
with amendments, to read as follows:

Article 23 - Corporations

161E.

(b) The Board of Building, Savings and Loan
Association Commissioners shall consist of nine (9)
members who shall be appointed by the Governor, with the
advice of the Secretary of Licensing and Regulation and
with the advice and consent of the Senate. Each of the
members shall have been a resident and registered voter
of the State of Maryland for at least five years next
preceding his appointment. Five (5) of the members
shall have been engaged as officers or directors of, or
attorneys for, a building association, the principal
place of business of which is located in this State, for
at least five years next preceding their respective
appointments; said persons are hereinafter referred to as
industry members. Three (3) of such industry members
shall have been actively engaged as officers or directors
of, or attorneys for, a building association chartered or
incorporated under the laws of the State of Maryland,
free share accounts of which are not insured by an
instrumentality of the United States government. Two
(2) of such industry members shall have been actively
engaged as an officer or director of, or attorney for, a
State—chartered building association, free share accounts
of which are insured by an instrumentality of the United
States government. The remaining 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 directors
of, or attorneys for, any association, and shall net so
serve while members of the Board. 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 held 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 unexpired term created thereby. All
members of the Board shall serve without compensation,
but shall be reimbursed, IN ACCORDANCE WITH THE STANDARD
TRAVEL REGULATIONS, 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