1046

LAWS OF MARYLAND

Ch. 282

8-201. Board established.

There is a Board of Savings and Loan Association
Commissioners in the Department of Licensing and Regulation.

8-202. Composition; [qualifications;] oath; term; vacancies
COMPENSATION.

(a) Composition.

(1)  The Board of Commissioners consists of [nine] 9
members appointed by the Governor with the advice of the
Secretary and with the advice and consent of the Senate.

(2)  Of the board members:

(i) [Three] FOUR THREE shall be industry
members who for at least 5 years immediately before appointment
have been officers or directors of or attorneys for [Maryland]
STATE CHARTERED savings and loan associations [insured by the
Maryland Savings-Share Insurance Corporation]; AND

[(ii) Two shall be industry members who for at
least 5 years immediately before appointment have been officers
or directors of or attorneys for Maryland savings and loan
associations insured by the Federal Savings and Loan Insurance
Corporation; and]

[(iii)] (II) [Four] FIVE SIX shall be public
members who [may]:

1.  MAY not have served as an officer or
director of or attorney for a savings and loan association OR
RELATED ENTITY during the [1 year] 3 YEARS immediately before
appointment; AND

2. MAY NOT BE MEMBERS OF THE IMMEDIATE
FAMILY OF ANY DIRECTOR OR OFFICER OR ANY ATTORNEY FOR A SAVINGS
AND LOAN ASSOCIATION OR RELATED ENTITY.

(3) WITH THE APPROVAL OF THE GOVERNOR, THE SECRETARY
SHALL DESIGNATE ONE OF THE MEMBERS OF THE BOARD OF COMMISSIONERS
AS ITS CHAIRMAN.

[(b) Qualifications.

Each member of the Board of Commissioners shall have been a
resident and registered voter of this State for at least 5 years
immediately before appointment.]

[(c)] (B) Oath.

Before taking office, each appointee to the Board of
Commissioners shall take the oath required by Article I, § 9 of
the State Constitution.