HARRY HUGHES, Governor

1049

The Board of Commissioners shall keep a record of its
meetings, hearings, and other transactions.] (A) THE BOARD OF
COMMISSIONERS SHALL MEET:

(1) AT LEAST ONCE EVERY 3 MONTHS OR;

(2) AT THE CALL OF THE DIVISION DIRECTOR; OR

(3) AT THE CALL OF THE BOARD CHAIRMAN.

(B) THE BOARD OF COMMISSIONERS SHALL GIVE ADVICE TO THE
DIVISION DIRECTOR ON PROPOSED LEGISLATION, REGULATION, OR OTHER
MATTERS.

[8-206.] 8-205. Quorum.

A majority of the members serving on the Board of

Commissioners is a quorum. However, the Board may not take

action on any matter unless at least four members in attendance
concur.]

[8-207. Powers and duties.

(a)  General authority of the Board.

The Board of Commissioners exercises its powers and performs
its duties subject to the authority of the Secretary.

(b)  Rules and regulations.

(1)  The Board of Commissioners may adopt rules and
regulations to carry out the provisions of this article that
relate to savings and loan associations.

(2)  Except as otherwise provided in this title and in
Title 9 of this article and to the extent required to promote and
assure the business and financial stability of savings and loan
associations, the rules and regulations adopted by the Board of
Commissioners under this section may include reasonable
requirements and limitations on the types and amounts of
investments, the manner of raising capital, and the nature and
amounts of reserves, irrespective of their effects on free
economic competition.

(c)  Miscellaneous powers.

The Board of Commissioners may:

(1)  Advise and make recommendations to the Division
Director on any matter within the scope of the Division
Director's authority;

(2)  Recommend to the Secretary any changes that it
considers desirable in the laws governing savings and loan
associations; and