3082

LAWS OF MARYLAND

Ch. 488

(2)  2 MEMBERS SHALL BE TRUSTEES, DIRECTORS,
OFFICERS, OR EMPLOYEES OF INSTITUTIONS OF HIGHER EDUCATION,
AT LEAST 1 OF WHOM IS FROM AN INSTITUTION NOT OWNED OR
OPERATED BY THE STATE OR ANY OF ITS POLITICAL SUBDIVISIONS.

(3)  2 MEMBERS SHALL HAVE HAD EXPERIENCE IN THE
FIELD OF STATE AND MUNICIPAL FINANCE, EITHER AS A PARTNER,
OFFICER, OR EMPLOYEE OF AN INVESTMENT BANKING FIRM WHICH
ORIGINATES AND PURCHASES STATE AND MUNICIPAL SECURITIES, OR
AS AN OFFICER OR EMPLOYEE OF AN INSURANCE COMPANY OR BANK
WHOSE DUTIES RELATE TO THE PURCHASE OF STATE AND MUNICIPAL
SECURITIES AS AN INVESTMENT AND TO THE MANAGEMENT AND
CONTROL. OF A STATE AND MUNICIPAL SECURITIES PORTFOLIO, AND
WHO ARE NOT TRUSTEES, DIRECTORS, OFFICERS OR EMPLOYEES OF AN
INSTITUTION OF HIGHER EDUCATION.

(4)  1 MEMBER SHALL HAVE HAD EXPERIENCE IN HIGHER
EDUCATION FINANCE.

(5)  2 MEMBERS SHALL HAVE HAD EXPERIENCE WITH
STUDENT FINANCIAL AID.

(6)  1 MEMBER SHALL BE THE STATE TREASURER, EX
OFFICIO, OR HIS DESIGNEE.

(7)  1 MEMBER SHALL BE APPOINTED FROM THE PUBLIC
AT LARGE THE COMPTROLLER OF THE TREASURY, EX OFFICIO, OR HIS
DESIGNEE.

(8)  2 MEMBERS SHALL BE APPOINTED FROM THE PUBLIC
AT LARGE.

(C) (1) OF THE MEMBERS OF THE AUTHORITY FIRST
APPOINTED, 2 3 SHALL SERVE FOR TERMS EXPIRING ON JUNE
30, 1983, 1984, AND 1985, 1986, RESPECTIVELY, AND UNTIL A
SUCCESSOR IS APPOINTED AND QUALIFIES. ON THE EXPIRATION OF
THE TERM OF ANY MEMBER A SUCCESSOR SHALL BE APPOINTED FOR A
TERM OF 3 YEARS AND SERVE UNTIL A SUCCESSOR IS APPOINTED AND
QUALIFIES.

(2)  THE GOVERNOR SHALL APPOINT A QUALIFIED
PERSON TO FILL ANY VACANCY.

(3)  A MEMBER APPOINTED TO FILL A VACANCY IN AN
UNEXPIRED TERM SERVES ONLY FOR THE REMAINDER OF THAT TERM
AND UNTIL A SUCCESSOR IS APPOINTED AND QUALIFIES.

(4)  ANY MEMBER MAY BE REMOVED BY THE GOVERNOR
FOR MISFEASANCE, MALFEASANCE OR WILLFUL NEGLECT OF DUTY OR
OTHER CAUSE AFTER NOTICE.

(D) (1) EACH YEAR THE AUTHORITY SHALL ELECT FROM AMONG
ITS MEMBERS:

(I) A CHAIR;