Section 7-109 - Board of Directors.
§ 7-109. Board of Directors.
(a) In general.- The powers of the Corporation shall be exercised by its Board of Directors.
(b) Composition.- The Board of Directors consists of 11 directors elected by the members of the Corporation.
(c) Qualifications.- Each director shall be a resident of this State.
(d) Tenure; vacancies.-
(1) Each director serves for a term of 4 years and until a successor is chosen and qualifies.
(2) The terms of the directors shall be staggered as required by the terms provided for directors on July 1, 1988.
(3) If a vacancy occurs as to an elected director, the Board of Directors shall elect a successor to fill the vacancy until the next annual meeting of the members of the Corporation. At the annual meeting, the members of the Corporation shall elect a successor to serve for the rest of the term and until a successor is elected and qualifies.
(e) Quorum.- A majority of the full authorized membership of the Board of Directors is a quorum.
(f) Compensation.- Each director is entitled to reasonable compensation, as set by the Board of Directors with the approval of the Commissioner.
[An. Code 1957, art. 23, § 453; 1980, ch. 33, § 2; 1988, ch. 635; 1996, ch. 326, § 2; 2002, ch. 540.]