4552

LAWS OF MARYLAND

Ch. 826

regular place of business therein or, if elected by the
stockholders of such corporation, shall cease to be a
resident of the State, he shall immediately vacate his
position as a director and such position shall thereupon be
deemed vacant.

(e)  Filling vacancies. -- If any vacancy occurs in the
elected membership of the board of directors through death,
resignation or otherwise, except a vacancy occurring by
reason of there being no member of said board of such
corporation from an economic region, the remaining directors
shall elect a person to fill such vacancy for the unexpired
term; provided, however, that if the person vacating the
position has been elected thereto by the members of such
corporation, the person elected to fill such vacancy shall
be a resident of or maintain a regular place of business in
the same economic region as his predecessor.

(f)  Holding over. -- Upon the expiration of their
terms, the elected directors shall continue as such until
their successors have been elected and have qualified.

(g)  Chairman; bylaws; officers and employees. -- The
board of directors shall elect one of its members as
chairman of such board, shall adopt bylaws for such
corporation and may appoint such officers and employees as
it deems advisable.

[416.] 5. Loan committees.

(a)  Number and membership. -- There shall be a loan
committee of such corporation for each of the economic
regions as established under the provisions of [ § 413] § 2
of this subtitle. One member of the board of directors
elected from each such region shall serve as a member and
chairman of each such loan committee for their respective
regions as designated by the chairman of the board of
directors. Each such loan committee shall have four
additional members who shall be elected by the members of
the corporation and each of whom shall be eighteen years of
age or more and a citizen of the United States and shall be
a resident of such region or maintain a regular place of
business therein. In such elections, members of the
corporation shall have one vote each; and each member having
a loan limit, as defined by [ § 420] § 9 of this subtitle,
of more than fifty thousand dollars shall have one
additional vote. The elected members of each such loan
committee shall be elected at the annual meetings of such
corporation and shall serve for terms of one year.

(b)  Vacancies, holding over. -- If a vacancy occurs in
the elected membership of any such loan committee, the
chairman of the board of directors, with the written
approval of the remaining members of such committee, shall
appoint a person from its economic region to fill such