Maryland Code, Financial Institutions § 7-109

(d)(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.