H.B. 368

VETOES

(III) ONE SHALL BE A REPRESENTATIVE OF THE DEPARTMENT OF
BUDGET AND FISCAL PLANNING; AND

(IV) FIVE SHALL BE MEMBERS OF THE GENERAL PUBLIC.

(3) MEMBERS OF THE BOARD SHALL BE SELECTED BASED ON THEIR
ACCOUNTING, ACTUARIAL, OR INVESTMENT MANAGEMENT SKILLS, OR OTHER
SKILLS THAT WOULD PROVE AN ASSET TO THE BOARD.

(C) BEFORE TAKING OFFICE, EACH APPOINTEE TO THE BOARD SHALL TAKE
THE OATH REQUIRED BY ARTICLE I, § 9 OF THE CONSTITUTION OF MARYLAND.

(D) (1) EXCEPT FOR THE TERMS OF INITIAL BOARD MEMBERS, THE TERM
OF A MEMBER OF THE BOARD IS 4 YEARS.

(2) THE TERMS OF MEMBERS ARE STAGGERED AS REQUIRED BY THE
TERMS OF MEMBERS OF THE BOARD ON OCTOBER 1, 1996.

(3)     AT THE END OF A TERM, A MEMBER CONTINUES TO SERVE UNTIL A
SUCCESSOR IS APPOINTED AND QUALIFIES.

(4)     A MEMBER WHO IS APPOINTED AFTER A TERM HAS BEGUN SERVES
ONLY FOR THE REST OF THE TERM AND UNTIL A SUCCESSOR IS APPOINTED AND
QUALIFIES.

(5)     ANY MEMBER SHALL BE ELIGIBLE FOR REAPPOINTMENT.

(E) THE GOVERNOR MAY REMOVE A MEMBER FOR INCOMPETENCE OR
MISCONDUCT.

18-2105.

(A) (1) THE GOVERNOR SHALL APPOINT AN INITIAL CHAIRMAN OF THE
BOARD FROM AMONG THE MEMBERS OF THE BOARD.

(2) AFTER THE INITIAL APPOINTMENT OF A CHAIRMAN BY THE
GOVERNOR, THE MEMBERS OF THE BOARD SHALL ELECT ANNUALLY A CHAIRMAN.

(3)     THE BOARD SHALL ELECT ANNUALLY A BOARD MEMBER TO SERVE
AS VICE CHAIRMAN.

(4)     (I) THE BOARD SHALL DESIGNATE A SECRETARY-TREASURER
WHO NEED NOT BE A MEMBER OF THE BOARD.

(II) THE SECRETARY-TREASURER SHALL KEEP A RECORD OF THE
PROCEEDINGS OF THE BOARD AND SHALL BE THE CUSTODIAN OF THE BOARD'S
OFFICIAL SEAL AND ALL PRINTED MATERIAL FILED WITH OR BY THE BOARD.

(5)     FROM AMONG THE MEMBERS, THE BOARD MAY ELECT ANY
ADDITIONAL OFFICERS THAT THE BOARD CONSIDERS NECESSARY.

(B) THE BOARD SHALL DETERMINE THE TIMES AND PLACES OF ITS
MEETINGS.

(C) A MEMBER OF THE BOARD:

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