Maryland Financial Institutions Section 10-103.1

      (a)      The function of the Board of Directors is advisory.

      (b)      The Board of Directors shall give the Fund Director sound and impartial advice on:

            (1)      The approval or disapproval of applications by a member association;

            (2)      The administration of the State of Maryland Deposit Insurance Fund;

            (3)      Protection of the interest of the general public and of depositors in member associations; and

            (4)      Any other matter concerning the business of member associations.

      (c)      If the Fund Director does not follow the advice of the Board of Directors, the Fund Director shall send to the Board of Directors and the Secretary a written statement of the reason for the action.