2604

LAWS OF MARYLAND

Ch. 698

Article - Financial Institutions
10-103.

(a)  The Fund Director is appointed by the Governor.

(b)  The Fund Director serves at the pleasure of the
Secretary of Licensing and Regulation.

(C) FOR A PERIOD OF 2 YEARS AFTER TERMINATION OF EMPLOYMENT
WITH THE FUND, IF THE FUND DIRECTOR IS EMPLOYED BY A SAVINGS AND
LOAN ASSOCIATION THAT IS INSURED BY THE FUND, OR BECOMES A
DIRECTOR, OFFICER, ATTORNEY, OR AGENT OF A SAVINGS AND LOAN
ASSOCIATION THAT IS INSURED BY THE FUND, THAT INDIVIDUAL MAY NOT;

(1) REPRESENT, FORMALLY OR INFORMALLY, THE
ASSOCIATION IN ANY JUDICIAL, ADMINISTRATIVE, OR OTHER PROCEEDING
IN WHICH:

(I) THE FUND IS A PARTY; AND

(II) THE FORMER FUND DIRECTOR SUBSTANTIALLY
PARTICIPATED;

(2) PARTICIPATE IN ANY APPLICATION SUBMITTED TO THE
FUND FOR THE DIVISION'S APPROVAL; OR

(3) ATTEMPT TO INFLUENCE, OR MAKE ANY ORAL OR WRITTEN
COMMUNICATION, ON BEHALF OF THE FUND ASSOCIATION IN ANY MATTER
BEFORE THE FUND RELATING TO THE ASSOCIATION IN WHICH THE
INDIVIDUAL PARTICIPATED PERSONALLY AND SUBSTANTIALLY AS FUND
DIRECTOR.

(c) (D) All of the corporate powers of the Fund shall be
exercised by the Fund Director [and a Board of Directors].

(d) (E) (1) The Board consists of 11 members.

(2)  Of the Board members:

(i) 5 3 shall be elected by the member
associations, subject to the approval of the Secretary of
Licensing and [Regulations] REGULATION; and

(ii) 6 8 shall be appointed by the Governor.

(3)  (i) From among its members, the Board shall elect
a chairman.

(ii) The Board may appoint officers as it
considers advisable.

[(4) The Board shall adopt bylaws and rules and
regulations for the Fund.]