Maryland Code, INSURANCE 9-305
Terms Used In Maryland Code, INSURANCE 9-305
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(2) The members of the Board shall be elected from among the member insurers.
(3) The terms of the members of the Board shall be as set by the plan of operation.
(4) A vacancy on the Board shall be filled for the remainder of the term by a majority vote of the remaining members of the Board.
(b) (1) The Board of Directors shall elect a chairman from among its members and appoint three of its members to be an executive committee.
(2) The Board may elect other officers.
(c) When electing members of the Board of Directors or filling vacancies on the Board, consideration shall be given to, among other things, whether all member insurers are fairly represented.
(d) A member of the Board of Directors may be reimbursed by the Corporation for expenses incurred in carrying out duties as a member of the Board.