Maryland Financial Institutions Section 7-110

      (a)      (1)      The Board of Directors of the Corporation:

                  (i)      Shall elect one of its members as chairman of the Board; and

                  (ii)      May appoint any officers and employees that it considers advisable.

            (2)      The manner of election of the chairman and appointment of officers and their terms of office shall be as the bylaws provide.

      (b)      In accordance with the bylaws of the Corporation, the Board of Directors shall set the amount of the fidelity bonds of the officers and employees of the Corporation.