PARRIS N. GLENDENING, Governor

Ch. 11

(2)      ESTABLISH THE AMOUNTS TO BE REIMBURSED AND THE METHOD
OF REIMBURSING MEMBERS OF THE BOARD OF DIRECTORS UNDER § 9-406 OF THIS
SUBTITLE;

(3)      ESTABLISH REGULAR PLACES AND TIMES FOR MEETINGS OF THE
BOARD OF DIRECTORS;

(4)      ESTABLISH PROCEDURES FOR KEEPING RECORDS OF THE
FINANCIAL TRANSACTIONS OF THE CORPORATION, ITS AGENTS, AND THE BOARD OF
DIRECTORS;

(5)      ESTABLISH PROCEDURES FOR CHOOSING THE BOARD OF
DIRECTORS AND SUBMITTING THE CHOICES TO THE COMMISSIONER;

(6)      ESTABLISH ANY ADDITIONAL PROCEDURES FOR ASSESSMENTS
UNDER § 9-409 OF THIS SUBTITLE; AND

(7)      CONTAIN ANY ADDITIONAL PROVISIONS NECESSARY OR PROPER TO
PERFORM THE POWERS AND DUTIES OF THE CORPORATION.

(D) DELEGATION OF POWERS AND DUTIES.

(1)      THE PLAN OF OPERATION MAY PROVIDE THAT ANY OR ALL OF THE
POWERS AND DUTIES OF THE CORPORATION, EXCEPT THOSE UNDER §§ 9-408(3) AND
9-409 OF THIS SUBTITLE, MAY BE DELEGATED TO A PERSON THAT PERFORMS OR
WILL PERFORM FUNCTIONS SIMILAR TO THOSE OF THE CORPORATION OR ITS
EQUIVALENT IN TWO OR MORE STATES.

(2)      A PERSON TO WHICH POWERS AND DUTIES ARE DELEGATED UNDER
THE PLAN OF OPERATION SHALL BE:

(I)       REIMBURSED FOR ANY PAYMENTS MADE ON BEHALF OF THE
CORPORATION; AND

(II)     PAID FOR ITS PERFORMANCE OF THE FUNCTIONS OF THE
CORPORATION.

(3)      A DELEGATION UNDER THIS SUBSECTION MAY:

(I)       TAKE EFFECT ONLY WITH THE APPROVAL OF THE BOARD OF
DIRECTORS AND COMMISSIONER; AND

(II)     BE MADE ONLY TO A PERSON THAT EXTENDS PROTECTION
NOT SUBSTANTIALLY LESS FAVORABLE AND EFFECTIVE THAN THAT PROVIDED BY
THIS SUBTITLE.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 529.

In subsection (a)(2)(i) and (ii) of this section, the reference to "regulations" is
substituted for the former reference to "rules". See the General Revisor's
Note to this article.

In subsection (a)(2)(i) of this section, the reference to "carrying] out" this

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