EXECUTIVE ORDERS

A director, officer or controlling person
of an association may not hold office as a
director or officer of a competing state or
federally chartered association, except
that those directors, officers or
controlling persons who are serving as such
at the time of the adoption of this
regulation may continue in this capacity
with the concurrence of the board of
directors of all interested associations,
as well as the prior written approval of
the Division Director. Furthermore, an
officer of an association may not hold
office as an officer of a commercial bank,
savings bank, or credit union, except that
those officers who are holding office at
the time of the adoption of this regulation
may continue in this capacity with the
concurrence of the board of directors of
the association and the commercial bank,
savings bank, or credit union, as well as
the prior written approval of the Division
Director. Associations which have offices
located within two miles of each other
shall be deemed to be "competing"
associations for the purpose of this
provision.

A director may not receive remuneration as
a director except for reasonable fees for
service as a director.

An officer may not receive remuneration as
an officer except for reasonable
compensation for services as an officer to
the association as determined by majority
vote of the disinterested directors.

An association may grant, extend or
refinance a loan to any of its officers,
directors, controlling persons, employees,
members of their immediate families or
corporations, businesses or other entity in
which an interest of 10% or more is owned
by an officer, director, controlling person
or member of his or her immediate family,
in accordance with the specific
requirements of Financial Institutions
Article, § 9-307, Annotated Code of
Maryland. Any such loan shall be
personally guaranteed by the officer,
director, controlling person or employee
and his or her spouse and shall be in
conformity with applicable lending
regulations. For the purpose of such