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HARRY HUGHES, Governor
401
(2) THE TERMS OF MEMBERS ARE STAGGERED AS
REQUIRED BY THE TERMS PROVIDED FOR MEMBERS OF THE BOARD ON
JULY 1, 1980.
(3) AT THE END OF A TERM, A MEMBER CONTINUES TO
SERVE UNTIL A SUCCESSOR IS APPOINTED AND QUALIFIES.
(4) A MEMBER WHO IS APPOINTED AFTER A TERM HAS
BEGUN SERVES ONLY FOR THE BEST OF THAT TERM AND UNTIL A
SUCCESSOR IS APPOINTED AND QUALIFIES.
REVISOR'S NOTE: This section is new language derived
without substantive change from all but the last
two sentences of Art. 23, § 161E(b) and from Art.
23, § 16lE(d), as that subsection applies to
Board members.
In subsection (a) (2) of this section, the defined
term "savings and loan association" is
substituted for "building association". The word
"Maryland" is substituted for "chartered or
incorporated under the laws of the State of
Maryland" and "state-chartered". See § 1-101 (n)
of the Corporations and Associations Article and
its revisor's note. Although the defined term
"savings and loan association" means a
State-chartered association, the word "Maryland"
is used here to emphasize that a member must have
been associated with an association of this
State.
In subsection (a) (2) of this section, the term
Federal Savings and Loan Insurance Corporation"
is substituted for the reference to "an
instrumentality of the United States government"
since it is the only federal agency that issues
insurance to associations.
In subsection (a)(2)(iii) of this section,
"public members" is substituted for "from the
public at large" to conform to similar provisions
elsewhere in the Code.
As to a consumer representative on boards and
other units in the Department of Licensing and
Regulation, see Art. 41, § 221A.
As to subsection (c) of this section, the related
provision of present Art. 23, § 16lE(d) that
requires the Division Director and deputy
director to take an oath now appears in 6 8-305
of this title.
As to subsection (d)(2) of this section, the
terms of the members serving on July 1, 1980,
expire as follows: four members on May 31, 1981;
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