(a) The Fund Director is appointed by the Governor.
(b) The Fund Director serves at the pleasure of the Secretary of Labor.
(c) For a period of 2 years after termination of employment with the Fund, if the Fund Director is employed by a savings and loan association that is insured by the Fund, or becomes a director, officer, attorney, or agent of a savings and loan association that is insured by the Fund, that individual may not:
(1) Represent, formally or informally, the association in any judicial, administrative, or other proceeding in which:
(i) The Fund is a party; and
(ii) The former Fund Director substantially participated;
(2) Participate in any application submitted to the Fund for the Division’s approval; or
(3) Attempt to influence, or make any oral or written communication, on behalf of the association in any matter before the Fund relating to the association in which the individual participated personally and substantially as Fund Director.
(d) All of the corporate powers of the Fund shall be exercised by the Fund Director.
(e) (1) The Board consists of 11 members.
(2) Of the Board members:
(i) 3 shall be elected by the member associations, subject to the approval of the Secretary of Labor; and
(ii) 8 shall be appointed by the Governor.
(3) (i) From among its members, the Board shall elect a chairman.
(ii) The Board may appoint officers as it considers advisable.
(4) No officer or director of the Fund, whether appointed or elected, shall be personally liable on any contract legally entered into on behalf of the Fund unless the contract, by its terms, expressly obligates that officer or director.
Structure Maryland Statutes
Title 10 - State of Maryland Deposit Insurance Fund Corporation
Section 10-102 - Corporation Established
Section 10-103 - Appointment, Term, and Powers of Fund Director; Board of Directors
Section 10-103.1 - Advisory Function of Board
Section 10-105 - Authority of Secretary
Section 10-106 - Official Seal
Section 10-107 - Fund Director to Devote Full Time to Duties of Fund
Section 10-108 - Conflicts of Interest -- in General
Section 10-109 - Conflicts of Interest -- Other Prohibited Activities
Section 10-110 - State of Maryland Deposit Insurance Fund
Section 10-110.1 - Final Determination of Insurable Loss
Section 10-110.2 - Advances by State to Fund; Money Recovered by Fund
Section 10-111 - Membership -- Applications; Certification by Division Director
Section 10-112 - Membership -- Effective Upon Approval; Withdrawal; Accumulated Earnings Retained
Section 10-113 - Rules and Regulations; Withdrawal From Fund
Section 10-114 - Exchange of Information
Section 10-115 - Application of State Insurance Laws
Section 10-116 - Appropriation Policy
Section 10-117 - Eligibility for Membership -- Major Associations
Section 10-118 - Eligibility for Membership -- Other Associations