(a) The function of the Board is advisory.
(b) The Board 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, the Fund Director shall send to the Board and the Secretary a written statement of the reason for the action.