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§ 24-204. Board of Directors

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 24. State Created Mutual Societies and Other Entities (Refs & Annos)
Subtitle 2. Medical Mutual Liability Insurance Society of Maryland (Refs & Annos)
MD Code, Insurance, § 24-204
§ 24-204. Board of Directors
In general
(a) There is a Board of Directors of the Society.
Number and election of directors
(b)(1) There shall be at least 11 directors on the Board.
(2) The directors shall be elected by the members of the Society in accordance with the articles of incorporation and bylaws of the Society.
(3) The bylaws of the Society shall provide that:
(i) not more than five directors may be licensed physicians;
(ii) at least two directors must have had substantial experience as an officer or employee of an insurer;
(iii) at least two directors must be officers and employees of the Society who are responsible for the daily management of the Society; and
(iv) the Board of Directors must consist of individuals who live in different geographical areas of the State.
Authority of Board
(c) The Board of Directors governs the Society and exercises the corporate powers of the Society.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 551.
MD Code, Insurance, § 24-204, MD INSURANCE § 24-204
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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