HARRY HUGHES, Governor                                        393

directors expire each year.

In subsection (e) of this section, the present
provision calling for a quorum of "six members"
is restated, without substantive change, in more
general language that refers to "a majority of
the full authorized membership". This new
language will accommodate possible future
legislative changes in the number of members to
be appointed to the board of directors, without
the necessity of enacting a conforming change in
the quorum provisions.

7-110. OFFICERS AND STAFF.

(A)   IN GENERAL.

(1)       THE BOARD OF DIRECTORS OF THE CORPORATION:

(I)       SHALL ELECT ONE OF ITS MEMBERS AS
CHAIRMAN OF THE BOARD; AND

(II)       MAY APPOINT ANY OFFICERS AND
EMPLOYEES THAT IT CONSIDERS ADVISABLE.

(2)       THE MANNER OF ELECTION OF THE CHAIRMAN AND
APPOINTMENT OF OFFICERS AND THEIR TERMS OF OFFICE SHALL BE
AS THE BYLAWS PROVIDE.

(B)   FIDELITY BONDS.

IN ACCORDANCE WITH THE BYLAWS OF THE CORPORATION, THE
BOARD OF DIRECTORS SHALL SET THE AMOUNT OF THE FIDELITY
BONDS OF THE OFFICERS AND EMPLOYEES OF THE CORPORATION.

REVISOR'S NOTE: This section presently appears as Art.
23, § 453(d) and (h).

Subsection (a) (2) of this section is new language
added for clarity.

In subsection (b) of this section, the term
"fidelity" is substituted for the term "surety"
as more accurate and to conform to practice.

Also in subsection (b) of this section, the
phrase "conditioned upon the faithful performance
of their duties" in present Art. 23, § 453(h) is
deleted since it is embraced within the term
"fidelity bond".

The requirement in present Art. 23, § 453(d) that
the board adopt bylaws, rules, and regulations is
deleted as unnecessary in light of § 7-111 of
this title.

The only other changes are in style.