WILLIAM DONALD SCHAEFER, Governor Ch. 564
526.

(1)  The board of directors of the [Association] CORPORATION
shall consist of not less than [five] 5 nor more than [nine] 9
members serving terms as established in the plan of operation.
The [Commissioner shall appoint the] members of the board SHALL
BE ELECTED from member insurers. Vacancies on the board shall be
filled for the remaining period of the term [in the manner
described in the plan of operation] BY A MAJORITY VOTE OF THE
REMAINING MEMBERS OF THE BOARD. To select the initial board of
directors, and initially organize the [Association] CORPORATION,
the Commissioner shall give notice to all member insurers of the
time and place of the organizational meeting. In determining
voting rights at the organizational meeting, each member insurer
shall be entitled to [one] 1 vote in person or by proxy.

(2)  THE MEMBERS OF THE BOARD SHALL ELECT THE CHAIRMAN. THE
BOARD MAY ELECT OFFICERS AND SHALL APPOINT AN EXECUTIVE
COMMITTEE.

[(2)] (3) In [approving selections or in appointing
members] ELECTING DIRECTORS OR FILLING VACANCIES to the board,
[the Commissioner shall consider,] CONSIDERATION SHALL BE GIVEN
TO, among other things, whether all member insurers are fairly
represented.

[(3)] (4) Members of the board may be reimbursed from the
assets of the [Association] CORPORATION for expenses incurred by
them as members of the board of directors, but members of the
board shall not otherwise be compensated by the [Association]
CORPORATION for their services.

[(4)] (5) (a) The board shall exercise general oversight
authority over any funds provided by any person to the board or
[Association] CORPORATION under this subtitle.

(b) At any time or manner as the board may direct,
any receiver, liquidator, rehabilitator, or conservator appointed
under this subtitle shall make a detailed accounting to the board
of funds expended.

527.

In addition to the powers and duties enumerated in other
sections of this subtitle[,]:

(1) If a domestic insurer is an impaired insurer, the
[Association] CORPORATION may, prior to an order of liquidation
or rehabilitation and subject to any conditions imposed by the
[Association] CORPORATION other than those which impair the
contractual obligations of the impaired insurer, and approved by
the impaired insurer and the Commissioner[,]:

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