3844

VETOES

(d) (1) Each director serves for a term of 4 years and

until a successor is chosen and qualifies.

(2) The terms of the directors are staggered as
required by the terms provided for directors on July 1, 1980.

(3) If a vacancy occurs as to an elected director,
the board of directors shall elect a successor to fill the
vacancy until the next annual meeting of the members of the

Corporation. At the annual meeting, the members of the

Corporation shall elect a successor to serve for the rest of the
term and until a successor is elected and qualifies.

(4) If a vacancy occurs as to an appointed director,
the Governor, with the advice of the Secretary of Licensing and
Regulation, shall appoint a successor to fill the vacancy and
serve for the rest of the term and until a successor is appointed
and qualifies.

(e) A majority of the full authorized membership of the
board of directors is a quorum.

(f) Each director is entitled to reasonable compensation,

as set by the board of directors with the approval of the Bank
Commissioner.

SECTION 2. AND BE IT FURTHER ENACTED, That in order to
effect the changes in composition of the board of directors
required under section 1 of this Act, the Governor shall appoint
two new members to succeed the first two elected members whose
terms expire after the effective date of this Act.

SECTION 2. AND BE IT FURTHER ENACTED, That the changes made
in Section 1 of this Act as to types of investments that the
Credit Union Insurance Corporation is authorized to make shall
apply prospectively and may not be applied or interpreted to have
any application to any investments made by the Maryland Credit
Union Insurance Corporation before the effective date of this
Act.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986 January 1, 1987.

May 27, 1986
The Honorable Melvin A. Steinberg
President of the Senate
State House
Annapolis, Maryland 21404

Dear Mr. President: