HARRY HUGHES, Governor

2605

[(5)] (4) No officer or director of the Fund, whether
appointed or elected, shall be personally liable on any contract
legally entered into on behalf of the Fund unless the contract,
by its terms, expressly obligates that officer or director.

10-103.1.

(A)  THE FUNCTION OF THE BOARD OF DIRECTORS IS ADVISORY.

(B)  THE BOARD OF DIRECTORS SHALL GIVE THE FUND DIRECTOR
SOUND AND IMPARTIAL ADVICE ON:

(1)  THE APPROVAL OR DISAPPROVAL OF APPLICATIONS BY A
MEMBER ASSOCIATION;

(2)  THE ADMINISTRATION OF THE MARYLAND DEPOSIT
INSURANCE FUND;

(3)  PROTECTION OF THE INTEREST OF THE GENERAL PUBLIC
AND OF DEPOSITORS IN MEMBER ASSOCIATIONS; AND

(4)  ANY OTHER MATTER CONCERNING THE BUSINESS OF
MEMBER ASSOCIATIONS.

(C)  IF THE FUND DIRECTOR DOES NOT FOLLOW THE ADVICE OF THE
BOARD OF DIRECTORS, THE FUND DIRECTOR SHALL SEND TO THE BOARD OF
DIRECTORS AND THE SECRETARY A WRITTEN STATEMENT OF THE REASON FOR
THE ACTION.

10-110.

(a) (1) (i) The moneys of the Maryland Deposit Insurance
Fund Corporation shall be maintained in a special nonlapsing
fund, to be called the "Maryland Deposit Insurance Fund".

(ii) In addition to the powers expressly
provided in this title, the Fund shall have, and through the Fund
Director may exercise to the extent of the moneys in and
available to the Fund, all the corporate powers granted Maryland
corporations under the Maryland General Corporation Law.

(2) The Fund Director shall administer the Maryland
Deposit Insurance Fund [and consult with the Board] for the
purposes of:

(i) Insuring the savings accounts of member
associations;

(ii) Purchasing capital instruments, including
net worth certificates, issued by a member association to enable
that member association to qualify for federal insurance;

(iii) Reimbursing savings account holders for
loss incurred upon liquidation of a member association, up to the
amount of insurance on any savings account;