WILLIAM DONALD SCHAEFER, Governor                   Ch. 246

(2) A member appointed to fill a vacancy in an
unexpired term serves only for the remainder of that term and
until a successor is appointed and qualifies.

(e) Each member of the Board:

(1)  Serves without compensation; and

(2)  Is entitled to reimbursement for expenses in
accordance with the STATE Standard [State] Travel Regulations.

18-1013.

(b) At the end of each fiscal year, the Corporation shall
make an annual report of its condition to the Governor, to the
Bank Commissioner, TO THE MARYLAND HIGHER EDUCATION COMMISSION,
and, subject to § 2-1312 of the State Government Article, to the
General Assembly.

18-1014.

(a)  The Corporation and its corporate existence shall
continue until terminated by law on a finding that the need for
it no longer exists.

(b)  The Corporation may not be dissolved if it has notes or
other obligations outstanding. If the Corporation dissolves or
ceases its activities, all its property and money shall be
vested in the State Scholarship [Board] ADMINISTRATION COMMISSION
ADMINISTRATION to be used for any scholarship program it
administers.

18-1101.

There is a Distinguished Scholar Program of 300 scholarships
to be awarded by the State Scholarship [Board] ADMINISTRATION
COMMISSION ADMINISTRATION to residents of the State in the manner
provided in this subtitle for use at postsecondary institutions
of higher education in the State.

18-1102.

(a) The [Board] ADMINISTRATION COMMISSION ADMINISTRATION
shall annually select the 300 secondary school students who have
the greatest potential for academic success in higher education
as determined by criteria established by the [Board]
ADMINISTRATION COMMISSION ADMINISTRATION and offer scholarships
to these students to be used at any Maryland postsecondary
institution of their choice, if they meet the following
qualifications:

(1) Qualify academically as follows:

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