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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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FINANCIAL INSTITUTIONS |
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TITLE 9. SAVINGS AND LOAN ASSOCIATIONS |
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SUBTITLE 3. ORGANIZATION AND CAPITALIZATION |
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PART I. ORGANIZATION |
§ 9-302. Directors
Latest version.
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(a) Management of association. -- The business and affairs of a savings and loan association shall be managed under the direction of a board of directors.
(b) Number. -- A savings and loan association shall have at least 5 directors, as its charter or bylaws provide.
(c) Qualifications. --
(1) Each director of a savings and loan association shall be:
(i) A citizen of the United States; and
(ii) A member of the association or the holder of a savings account in the association.
(2) At least two-thirds of the directors shall be residents of this State.
(3) Each nonresident director shall be approved by the Division Director as qualified to serve.
(d) Exception. -- Subsection (c)(1)(ii) of this section does not apply to any member of a board of directors who was serving on a board before July 1, 1980.