§ 7-109. Board of Directors

   (a) In general. -- The powers of the Corporation shall be exercised by its Board of Directors.

(b) Composition. -- The Board of Directors consists of 11 directors elected by the members of the Corporation.

(c) Qualifications. -- Each director shall be a resident of this State.

(d) Tenure; vacancies. --

   (1) Each director serves for a term of 4 years and until a successor is chosen and qualifies.

   (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) Quorum. -- A majority of the full authorized membership of the Board of Directors is a quorum.

(f) Compensation. -- Each director is entitled to reasonable compensation, as set by the Board of Directors with the approval of the Commissioner.

HISTORY: An. Code 1957, art. 23, § 453; 1980, ch. 33, § 2; 1988, ch. 635; 1996, ch. 326, § 2; 2002, ch. 540.