Maryland Statutes
Title 10 - State of Maryland Deposit Insurance Fund Corporation
Section 10-103 - Appointment, Term, and Powers of Fund Director; Board of Directors

(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

Maryland Statutes

Financial Institutions

Title 10 - State of Maryland Deposit Insurance Fund Corporation

Section 10-101 - Definitions

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 10-104 - Employees

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

Section 10-119 - Penalty for Submitting False Information

Section 10-120 - Accrual of Certain Rights, Claims, and Liabilities of Fund to Successor Agency or Maryland Department of Labor

Section 10-121 - Defense of Sovereign Immunity