HARRY HUGHES, Governor

517

(1)  The board of directors of the Association shall consist
of not less than five nor more than nine members serving terms as
established in the plan of operation. The Commissioner shall
appoint the members of the board from member insurers. Vacancies
on the board shall be filled for the remaining period of the term
in the manner described in the plan of operation. To select the
initial board of directors, and initially organize the
Association, the Commissioner shall give notice to all member
insurers of the time and place of the organizational meeting. In
determining voting rights at the organizational meeting, each
member insurer shall be entitled to one vote in person or by
proxy.

(2)   In approving selections or in appointing members to the
board, the Commissioner shall consider, among other things,
whether all member insurers are fairly represented.

(3)  Members of the board may be reimbursed from the assets
of the Association for expenses incurred by them as members of
the board of directors, but members of the board shall not
otherwise be compensated by the Association for their services.

(4)  (A) THE BOARD SHALL EXERCISE GENERAL OVERSIGHT
AUTHORITY OVER ANY FUNDS PROVIDED BY ANY PERSON TO THE BOARD OR
ASSOCIATION UNDER THIS SUBTITLE.

(B) AT ANY TIME OR MANNER AS THE BOARD MAY DIRECT,
ANY RECEIVER, LIQUIDATOR, REHABILITATOR, OR CONSERVATOR APPOINTED
UNDER THIS SUBTITLE SHALL MAKE A DETAILED ACCOUNTING TO THE BOARD
OF FUNDS EXPENDED.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 8, 1984.

CHAPTER 121

(Senate Bill 441)

AN ACT concerning

State Treasurer - Investment of Agricultural Land
Preservation Installment Payments

FOR the purpose of requiring the State Treasurer to invest

certain moneys of the Maryland Agricultural Land

Preservation Fund in a certain manner and place and at
certain interest rates.