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Session Laws, 1962
Volume 651, Page 453   View pdf image (33K)
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J. MILLARD TAWES, Governor 453

F. Loans secured by first mortgages or deeds of trust on OTHER-
WISE unencumbered fee simple real estate or improved leasehold
property in this State


[See page image for strike through]


PROVIDED
SAID LOANS ARE PURCHASED FROM A MEMBER ASSOCIA-
TION.

G. Ground rents in this State.

H. Collateral loans secured by pledge of any security hereinabove
named.

I. Direct loans to member associations under the terms and condi-
tions established therefor by the board of directors.

(vii) To exercise all other corporate poivers granted by general
law to corporations in this State, which are not inconsistent here-
with and which are necessary or appropriate to the purposes hereof.

(c) The earnings shall be accumulated by the Corporation, and
no part thereof shall be returned to the member associations.

161-OO. (a) All of the corporate powers of the Corporation shall
be exercised by a Board of Directors, which
COMPOSED OF
ELEVEN MEMBERS WHO initially shall be appointed by the
Governor. After a minimum of twenty-five associations have become
members of the Corporation, the first annual meeting of the Corpora-
tion shall be held, and the member associations of the Corporation
shall elect ten
EIGHT directors, each of whom shall be a registered
voter of the State of Maryland and shall reside therein. Of the direc-
tors elected at the first annual meeting, three shall be elected for terms
of two years each, three shall be elected for terms of three years each,
and four
TWO shall be elected for terms of four years each; and
thereafter all terms shall be for four years each.

(b) In addition to the ten EIGHT directors elected by the member
associations, as provided in sub-section (a) of this section, the Gover-
nor of Maryland shall appoint one director
THREE DIRECTORS
of the Corporation for a term of four years, whose term TERMS
shall commence on the date of the first annual meeting of the Corpo-
ration; and thereafter the Governor shall appoint a director
DIREC-
TORS from time to time to fill this office THESE OFFICES of direc-
tor whenever it
THEY become vacant. Any director so appointed
shall be a registered voter of the State of Maryland who resides in
Maryland.

(c) If any vacancy occurs in the membership of any director
elected by the members of the Corporation, through death, resigna-
tion, or otherwise, the remaining directors shall elect a person to
fill the vacancy for the unexpired term. Any vacancy occurring in
the term of the director appointed by the Governor shall be filled by
the Governor for the unexpired term. Upon the expiration of the
term of any director, he shall continue as such until his successor
has been elected or appointed, and has qualified.



 

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Session Laws, 1962
Volume 651, Page 453   View pdf image (33K)
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