392

LAWS OF MARYLAND

Ch. 33

(2) OF THE 11 DIRECTORS:

(I)       8 SHALL BE ELECTED BY THE MEMBERS OF
THE CORPORATION; AND

(II)       3 SHALL BE APPOINTED BY THE GOVERNOR
WITH THE ADVICE OF THE SECRETARY OF LICENSING AND
REGULATION.

(C)       QUALIFICATIONS.

EACH DIRECTOR SHALL BE A RESIDENT AND REGISTERED VOTER
OF THIS STATE.

(D)   TENURE; VACANCIES.

(1)   EACH DIRECTOR SERVES FOR A TERM OF 4 YEARS
AND UNTIL A SUCCESSOR IS CHOSEN AND QUALIFIES.

(2)   THE TERMS OF THE DIRECTORS ARE STAGGERED AS
REQUIRED BY THE TERMS PROVIDED FOR DIRECTORS ON JULY 1,
1980.

(3)   IF A VACANCY OCCURS AS TO AN ELECTED
DIRECTOR, THE BOARD OF DIRECTORS SHALL ELECT A SUCCESSOR TO
FILL THE VACANCY UNTIL THE NEXT ANNUAL MEETING OF THE
MEMBERS OF THE CORPORATION. AT THE ANNUAL MEETING, THE
MEMBERS OF THE CORPORATION SHALL ELECT A SUCCESSOR TO SERVE
FOR THE REST OF THE TERM AND UNTIL A SUCCESSOR IS ELECTED
AND QUALIFIES.

(4)   IF A VACANCY OCCURS AS TO AN APPOINTED
DIRECTOR, THE GOVERNOR, WITH THE ADVICE OF THE SECRETARY OF
LICENSING AND REGULATION, SHALL APPOINT A SUCCESSOR TO FILL
THE VACANCY AND SERVE FOR THE REST OF THE TERM AND UNTIL A
SUCCESSOR IS APPOINTED AND QUALIFIES.

(E)   QUORUM.

A MAJORITY OF THE FULL AUTHORIZED MEMBERSHIP OF THE
BOARD OF DIRECTORS IS A QUORUM.

(F)       COMPENSATION.

EACH DIRECTOR IS ENTITLED TO REASONABLE COMPENSATION,
AS SET BY THE BOARD OF DIRECTORS WITH THE APPROVAL OF THE
BANK COMMISSIONER.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
453(a), (b), (c), (e), and (g).

The present specific references to the terns of
the first elected directors are deleted as
obsolete. The continuing stagger created under
that provision is now covered by subsection
(d)(2) of this section. The terms of two elected