DEVELOPMENT CREDIT CORPORATION OF MARYLAND

Chairman: John A. Luetkemeyer,

Baltimore City
Appointed by the Governor:

Scott S. Bair, Central Region; J. McKenny Willis, Jr., Eastern
Shore Region; William Bowie, Southern Region; A. G. Gortner,
Western Region; Robert B. Hobbs, Baltimore City.
Appointed by the President of the Senate:
lrwin P. Trail, Central Region; Roger W. Simpkins, Eastern
Shore Region; J. Pierre Bernard, Southern Region; Charles A.
Piper, Western Region.

Appointed by the Speaker of the House of Delegates:
R. Lee Mitchell, Central Region; W. Tracy Holland, Eastern
Shore Region; James P. Casbarian, Southern Region; Winship
1. Green, Western Region; Charles P. Crane, Baltimore City.

Alan P. Hoblitzell, Executive Director

Munsey Building, Baltimore 3 Telephone: Saratoga 7-2222

The General Assembly in 1959 authorized the establishment of the
Development Credit Corporation of Maryland to stimulate business
and industry in the State by making loans for which money and
credit are not otherwise readily available.

The Corporation consists of two classes of participants: members
and stockholders. Only financial institutions—that is, institutions whose
activities include lending or investing money—may become members.
Members must loan funds to the Corporation upon demand up to
limits that are set by law and based on financial capacity. All such
calls for funds are to be prorated among the members in the propor-
tion that the maximum loan limit of each bears to the aggregate loan
limits of all members. Individuals and domestic corporations may
become stockholders, but financial institutions may be stockholders
only if they are also members. The authorized capital stock consists
of two million shares of common stock with a par value of one dollar
each.

The Board of Directors exercises the corporate powers of the Devel-
opment Credit Corporation. It consists of fifteen members, three from
each of five economic regions: the Central Region (Baltimore, Carroll,
Harford, and Howard counties); the Eastern Shore Region (Caroline,
Cecil, Dorchester, Kent, Queen Anne's, Somerset, Talbot, Wicomico,
and Worcester counties); the Southern Region (Anne Arundel, Calvert,
Charles, Prince George's, and St. Mary's counties); the Western
Region (Allegany, Frederick, Garrett, Montgomery, and Washington
counties); and the Baltimore City Region. Initially, the Governor, the
President of the Senate, and the Speaker of the House of Delegates
each made five appointments to the Board, one from each economic
region. The President of the Senate designated the chairman of this
temporary board, and the chairman is to call the first annual meeting.
At this meeting, and at each annual meeting thereafter, members of
the Corporation from at least three of the five economic regions will
elect two directors from each region for a one-year term. These
directors must be United States citizens and residents of the economic
region from which they are appointed or must maintain a regular
place of business there. The stockholders of the Corporation will elect
the remaining five directors for one-year terms; these must be United
States citizens and residents of the State. The Board will elect its
own chairman. The Corporation may borrow or lend money and buy,

Appointed by the President of the Senate.