PARRIS N. GLENDENING, Governor

Ch. 111

(2) A REPRESENTATIVE OF THE OFFICE OF THE STATE TREASURER;

(3) A REPRESENTATIVE OF THE OFFICE OF THE STATE COMPTROLLER;

AND

(4) FOUR MEMBERS OF THE PUBLIC WHO SHALL BE APPOINTED BY THE
GOVERNOR AND SHALL HAVE SIGNIFICANT EXPERIENCE IN FINANCE,
ACCOUNTING, INVESTMENT MANAGEMENT, OR OTHER AREAS THAT CAN BE OF
ASSISTANCE TO THE BOARD.

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

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

(2) THE TERMS OF THE PUBLIC MEMBERS OF THE BOARD ARE
STAGGERED AS REQUIRED BY THE TERMS OF THE MEMBERS OF THE BOARD ON
OCTOBER 1, 1998.

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

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

(5) A PUBLIC MEMBER IS ELIGIBLE FOR REAPPOINTMENT.

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

18-1905.

(A) THE BOARD, FROM AMONG THE MEMBERS OF THE BOARD, SHALL ELECT
A CHAIRMAN AND MAY ELECT ADDITIONAL OFFICERS THAT THE BOARD
CONSIDERS NECESSARY.

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

(C) A MEMBER OF THE BOARD:

(1) MAY NOT RECEIVE COMPENSATION;

(2) IS ENTITLED TO REIMBURSEMENT FOR EXPENSES UNDER THE
STANDARD STATE TRAVEL REGULATIONS; AND

(3) SHALL FILE A PUBLIC DISCLOSURE OF FINANCIAL INTERESTS AS
REQUIRE UNDER THE MARYLAND PUBLIC ETHICS LAW.

(D) (1) THE BOARD:

(I) SHALL APPOINT AN EXECUTIVE DIRECTOR WHO IS IN THE
EXECUTIVE SERVICE OF THE STATE PERSONNEL MANAGEMENT SYSTEM; AND

- 1629 -