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LAWS OF MARYLAND

Ch. 33

to become members of MSSIC and § 9-901 of this
article as to the requirement that all
associations in this State insure their accounts.
Subtitle 8 of that title requires a foreign
association to comply with this title so a
foreign association also would be required to
insure its accounts.

"Association" and "Corporation" are defined in §
10-101 of this title.

10-108. MEMBERSHIP — VOTING BY MEMBERS.

(A)   IN GENERAL.

IN THE ELECTION OF DIRECTORS AND IN VOTING ON ANY OTHER
MATTER AT A MEETING OF THE MEMBERS OF THE CORPORATION, EACH
MEMBER HAS ONE VOTE, TO BE CAST BY ITS DELEGATE.

(B)       DELEGATE REPRESENTS ONLY ONE MEMBER.

A DELEGATE MAY NOT VOTE ON BEHALF OF MORE THAN ONE
MEMBER.

(C)       MAJORITY VOTE SUFFICIENT FOR ACTION.

A MAJORITY OF THE VOTES CAST IS SUFFICIENT TO ELECT
DIRECTORS OR DECIDE ANY QUESTION VOTED ON BY THE MEMBERS.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161-OO(f).

The only changes are in style.

The term "Corporation" is defined in § 10—101 of
this title.

10-109. BOARD OF DIRECTORS.

(A)   IN GENERAL.

THE POWERS OF THE CORPORATION SHALL BE EXERCISED BY ITS
BOARD OF DIRECTORS.

(B)   COMPOSITION.

(1)   THE BOARD OF DIRECTORS OF THE CORPORATION
CONSISTS OF 11 DIRECTORS.

(2)   OF THE 11 DIRECTORS:

(I)   8 SHALL BE ELECTED BY THE MEMBER
ASSOCIATIONS; AND

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