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PARRIS N. GLENDENING, Governor Ch. 540
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(2) The terms of the directors shall be staggered as required by the terms
provided for directors on July 1, 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.
(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 Commissioner.
7-110.
(a) (1) The Board of Directors of the Corporation:
(i) Shall elect one of its members as chairman of the Board; and
(ii) May appoint any officers and employees that it considers
advisable.
(2) The manner of election of the chairman and appointment of officers
and their terms of office shall be as the bylaws provide.
(b) In accordance with the bylaws of the Corporation, the Board of Directors
shall set the amount of the fidelity bonds of the officers and employees of the
Corporation.
7-111.
(a) The Board of Directors of the Corporation shall adopt bylaws for the
Corporation and rules and regulations to carry out the provisions of this title.
(b) (1) A bylaw, rule, or regulation, becomes effective only after it is
submitted to and approved by the Commissioner.
(2) A bylaw, rule, or regulation is considered approved if the
Commissioner does not notify the Corporation of disapproval and the reasons for it
within 30 days after submission of the bylaw, rule, or regulation.
(3) The Commissioner may disapprove a bylaw, rule, or regulation only if
the Commissioner has reason to believe that:
(i) It is contrary to the principles or purposes of this title; or
(ii) It does not serve the best interests of the public.
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- 4095 -
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