Section 9-302 - Directors. - Maryland Statutes

§ 9-302. Directors.
 

(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. 
 

[CA § 6-220; 1980, ch. 856; 1986, ch. 282; 1987, ch. 9.]