(a) (1) A savings and loan association shall have a president, a secretary, and a treasurer and other officers as it may authorize. (2) Except for the president, who may not hold any other office than that of chairman of the board, the bylaws of an association may provide that the same individual may hold 2 offices. (3) The president shall be a member of the board of directors. (b) (1) Except as otherwise provided in the bylaws, the board of directors shall elect the officers, and fill all vacancies. (2) By a vote of the majority of the board at any time, the board may remove any officer elected or appointed. (c) The officers shall have the authority and perform the duties as are provided in the bylaws, or, in the absence of a provision in the bylaws, as are provided by the board.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.