HARRY HUGHES, Governor

541

bond".

The balance of Art. 23, § 161-OO(d) now appears
in § 10-111 of this title.

"Corporation" is defined in § 10-101 of this
title.

10-111. BYLAWS, RULES, AND REGULATIONS.

(A)   ADOPTION BY THE BOARD.

THE BOARD OF DIRECTORS OF THE CORPORATION SHALL ADOPT
BYLAWS FOR THE CORPORATION AND RULES AND REGULATIONS TO
CARRY OUT THE PROVISIONS OF THIS TITLE.

(B)   APPROVAL BY DIVISION DIRECTOR.

(1)   A BYLAW, RULE, OR REGULATION BECOMES
EFFECTIVE ONLY WHEN IT IS SUBMITTED TO AND APPROVED BY THE
DIVISION DIRECTOR.

(2)   A BYLAW, RULE, OR REGULATION IS CONSIDERED
APPROVED IF THE DIVISION DIRECTOR DOES NOT NOTIFY THE
CORPORATION OF DISAPPROVAL AND THE REASONS FOR DISAPPROVAL
WITHIN 30 DAYS AFTER SUBMISSION OF THE BYLAW, RULE, OR
REGULATION.

(J) THE DIVISION DIRECTOR MAY DISAPPROVE A
BYLAW, RULE, OR REGULATION ONLY IF THE DIVISION DIRECTOR HAS
REASON TO BELIEVE THAT:

(I) IT IS CONTRARY TO THE PRINCIPLES AND
PURPOSES OF THIS TITLE; OR

OF THE PUBLIC.

(II) IT DOES NOT SERVE THE BEST INTERESTS

REVISOR'S NOTE: This section is new language derived
without substantive change from the second clause
of Art. 23, § 161-OO(d), the third and fourth
sentences of § 161MM, and the second and third
sentences of § 161SS.

The fifth sentence of present Art. 23, § 161MM,
which requires the bylaws, rules, and regulations
to be filed with the State Department of
Assessment and Taxation, is deleted as obsolete
and to avoid any implication that it would be
necessary to file amended bylaws, rules, or
regulations in like manner.

The first sentence of present Art. 23, § 161SS,
which provides for the initial adoption of the
bylaws, rules, and regulations, is deleted as
obsolete.