HARRY HUGHES, Governor

539

(C)   QUALIFICATIONS.

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

(2)  (I) NOT MORE THAN THREE DIRECTORS OF THE
CORPORATION, AT ANY ONE TIME, MAY BE DIRECTORS OR OFFICERS
OF MEMBER ASSOCIATIONS THAT ARE INSURED BY THE FEDERAL
SAVINGS AND LOAN INSURANCE CORPORATION.

(II) IF, AT ANY TIME, A DIRECTOR OF THE
CORPORATION IS ALSO A DIRECTOR OR OFFICER OF AN ASSOCIATION
THAT BECOMES INSURED BY THE FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION, AND THE OCCURRENCE CAUSES A VIOLATION
OF PARAGRAPH (2) (I) OF THIS SUBSECTION, THAT MEMBER CEASES
TO BE A DIRECTOR OF THE CORPORATION.

(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 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 REMAINING DIRECTORS 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 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.

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

The specific reference to the terms of the
initial directors of the Corporation is deleted
as obsolete. The continuing stagger created
under that provision is covered now under
subsection (d)(2) of this section. The terms of