540

LAWS OF MARYLAND

Ch. 33

the elected members serving on July 1, 1980
expire as follows: (1) three members in April
1981; (2) three members in April 1982; and (3)
two members in April 1983. The terms of all of
the appointed Members expire on March 14, 1983.

The General Assembly may wish to consider
providing for staggered terms for appointed
directors in keeping with staggered terms already
provided for elected directors.

In subsection (e) of this section, " {a} majority
of the full authorized membership" is substituted
for "{s}ix members" for clarity and in keeping
with the presumed legislative intent.

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

10-110. CHAIRMAN OF THE BOARD, 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
THE APPOINTMENT OF OFFICERS AND THEIR TERMS OF OFFICE SHALL
BE AS THE BYLAWS PROVIDE.

(B)   FIDELITY BONDS OF OFFICERS AND EMPLOYEES.

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 is new language derived
without substantive change from the first and
third clauses of Art. 23, § 161-OO(d) and from
Art. 23, § 161-OO(i).

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, § 161-OO(i)
is deleted as embraced in the term "fidelity