BLAIR LEE III, Acting Governor

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(A)   POWERS.

THE BOARD OF DIRECTORS OF THE CORPORATION SHALL:

(1)   GOVERN THE CORPORATION; AND

(2)   EXERCISE THE CORPORATIONS POWERS.

(B)   COMPOSITION.

THE BOARD CONSISTS OF ELEVEN MEMBERS, NINE OF WHOM ARE
APPOINTED BY THE GOVERNOR WITH THE ADVICE AND CONSENT OF THE
SENATE.

(C)   QUALIFICATIONS.

(1)   EACH MEMBER OF THE BOARD SHALL BE AN ADULT,
A CITIZEN OF THE UNITED STATES, AND A RESIDENT OF THIS
STATE.

(2)   THE CHAIRMAN OF THE STATE SCHOLARSHIP BOARD
AND THE PRESIDENT OF THE UNIVERSITY OF MARYLAND ARE EX
OFFICIO MEMBERS OF THE BOARD. THE PRESIDENT OF THE
UNIVERSITY OF MARYLAND MAY DESIGNATE AN INDIVIDUAL TO SERVE

IN HIS PLACE.

(D)   TERM AND VACANCIES.

(1)   EACH APPOINTED MEMBER 07 THE BOARD SERVES
FOR A TERM OF 6 YEARS AND UNTIL A SUCCESSOR IS APPOINTED AND
QUALIFIES. THESE TERMS ARE STAGGERED AS REQUIRED BY THE
TERMS OF THE MEMBERS SERVING ON JULY 1, 1978.

(2)   A MEMBER APPOINTED TO FILL A VACANCY IN AN
UNEXPIRED TERM SERVES ONLY FOR THE REMAINDER OF THAT TERM
AND UNTIL A SUCCESSOR IS APPOINTED AND QUALIFIES.

(E)   COMPENSATION.

EACH MEMBER OF THE BOARD:

(1)   SERVES WITHOUT COMPENSATION; AND

(2)   IS ENTITLED TO REIMBURSEMENT FOR EXPENSES IN
ACCORDANCE WITH THE STANDARD STATE TRAVEL REGULATIONS.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 43A, §4(a),
except the fifth sentence.

As to subsection (d) of this section, the terms
of one third of the appointed members expire in
each even numbered year.

18-1005. CHAIRMAN AND OFFICERS; MEETINGS.

(A) OFFICERS.