Ch. 635

LAWS OF MARYLAND

(ii) 3 shall be appointed by the Governor with
the advice of the Secretary of Licensing and Regulation].

(c)  Each director shall be a resident and registered voter
of this State.

(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] SHALL BE
staggered as required by the terms provided for directors on July
1, [1980] 1988.

(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.

7-117.

This title does not, and the Corporation may not, pledge the
faith or credit of this State.

SUBTITLE 11. MUTUAL ASSOCIATION CONVERSION TO A CREDIT UNION

9-1101.

IN THIS SUBTITLE, "MUTUAL ASSOCIATION" MEANS AN ASSOCIATION
THAT:

(1)  IS A CORPORATION CHARTERED UNDER THE LAWS OF THE
STATE AS A SAVINGS AND LOAN ASSOCIATION THAT DOES NOT HAVE THE
AUTHORITY TO ISSUE CAPITAL STOCK;

(2)  IS INSURED BY THE STATE OF MARYLAND DEPOSIT
INSURANCE CORPORATION; AND

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