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LAWS OF MARYLAND

Ch. 22

(8)       ADOPT RULES AND REGULATIONS GOVERNING:

(I)          THE APPLICATION FOR AND THE GRANTING,
ADMINISTRATION, AND REPAYMENT OF THE LOANS OR GUARANTEES IT

MAKES;

(II)    THE ELIGIBILITY OF STUDENTS, COLLEGES,
VOCATIONAL SCHOOLS, AND LENDING INSTITUTIONS TO PARTICIPATE
IN THE PROGRAM; AND

(III)   ANY OTHER MATTER THAT RELATES TO ITS
ACTIVITIES;

(9)     COMPLY WITH ANY REQUIREMENTS OF THE
COMMISSIONER; AND

(10)   DO ANY OTHER ACT NOT INCONSISTENT WITH LAW,
THAT IS APPROPRIATE TO PROMOTE ITS PURPOSES.

REVISOR'S NOTE: This section presently appears as Art.
43A, §2, the first sentence of §5 (a) (1) and (2),
§5 (a) (4) and (6), §5 (b) — except the last clause
— §5(c) and (d), and the first two sentences of
§5(e).

The provisions of present Art. 77A, §5(a) (1),
(2), (3), and (5), and the last sentence of (e),
which specify the term of borrowing, loan limits,
and the conditions of loans, now appear in §§
18-1007 and 18-1008 of this subtitle.

Although present Art. 43A, §5 purports to grant
the powers contained in this section to the
Board, they are, in fact, powers of the
corporation. In this regard, see §2—103 of the
Corporations and Associations Article.

The last clause of present Art. 43A, §5{b) which
provides that debts of the corporation are not
debts of the State, now appears in §18—1011 of
this subtitle.

In subsection (b) (5) of this section, the present
references to "bequests" and "devises" are
deleted as unnecessary in light of Art. 1, §22 of
the Code.

In subsection (b)(7) of this section, the present
provision that service of process may be effected
under the corporation laws is deleted as
unnecessary.

The only other changes are in style.

18-1004. BOARD OF DIRECTORS — POWER; COMPOSITION; TERM;
VACANCIES; COMPENSATION.