Eastern Shore Region: W. Tracy Holland, Chairman. Beese F.
Cropper, Roger W. Simpkins, J. D. Johnson, Emory W.
Slaughter.

Southern Region: J. Pierre Bernard, Chairman. William Bowie,
R. Bascom Broun, Jr., B. Harry Moreland, L. H. Mattingly.

Western .Region: Benjamin L. Shuff, Chairman. A. LeRoy
Nichols, Joseph M. Naughton, Winship 1. Green, Ralph M.
Race.

Baltimore City Region: Leonard A. A. Siems, Chairman. John
F. Schneider, G. W. Thompson Bolton, S. Page Nelson, Jr.,
T. Courtenay J. Whedbee.
Harold R. Fletcher, Executive Secretary

403 Munsey Building, Baltimore 2 Telephone: 686-4344

The General Assembly authorized the establishment of the Develop-
ment Credit Corporation of Maryland by Chapter 822, Acts of 1959,
to stimulate business and industry in the State of Maryland by mak-
ing loans for which money and credit are not otherwise 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
proportion that the maximum loan limit of each bears to the aggre-
gate loan limits of all members. Individuals and domestic corpora-
tions 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 De-
velopment Credit Corporation. It consists of fifteen members, three
from each of the five economic regions: the Central Region (Balti-
more, 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, Mont-
gomery, 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 region. The President of the Senate designated
the chairman of this temporary board, and the chairman called the
first annual meeting. At this meeting held on February 16, 1961, and
at each annual meeting thereafter, members of the Corporation from
at least three of the five economic regions elect two directors from
each region for one-year terms. 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 elect the remaining five directors for
one-year terms; these must be United States citizens and residents
of the State. The Board elects its own chairman. The Corporation
may borrow or lend money and buy, hold) or sell real or personal
property, including industrial plants or other business establishments.

The Corporation established Loan Committees of five members for
each economic region. All requests for loans are to go through these
committees, which will review the applications and make recommenda-
tions to the Board of Directors. Final decision will lie with the Board.
The law creating the Development Credit Corporation shall be of no