Appropriations 1963 1964

General Funds .................................... $384,288 $444,579
Special Funds .................................... 6,000 2,600
Staff, 1963: 37; Staff, 1964: 39.

DEVELOPMENT CREDIT CORPORATION OF MARYLAND

Officers

President: John J. Ghingher
Vice President: S. Page Nelson, Jr.
Vice President: L. Vinton Hershey
Treasurer; Vernon T. Pittinger
Secretary-Assistant Treasurer: R. Austin Tydings

Directors

Charles P. Crane, B. Roy Dunn, L. Vinton Hershey, Scott S.
Bair, J. Pierre Bernard, James P. Casbarian, J. R. Chaffinch,
Jr., Benton A. Fuller, John J. Ghingher, W. Tracy Holland,
W. Griffin Morrel, James B. Morrison, S. Page Nelson, Jr.,
Benjamin L. Shuff, Leonard A. A. Siems.

Regional Loan Committees

Central Region: Scott S. Bair, Chairman, Irwin P. Trail, R. Lee
Mitchell, J. Carroll Jenkins, Norman B. Boyle.

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

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

Western Region: Benjamin L. Shuff, Chairman. A. LeRoy Nichols,
Wesley C. Schaible, Winship I. Green, Ralph M. Race.

Baltimore City Region: Leonard A. A. Siems, Chairman. John F.
Schneider, G. W. Thompson Bolton, Donald R. Wenderoth, T.
Courtenay J. Whedbee.
Harold B. Fletcher, Executive Secretary

1501 First National Bank Building, Baltimore 2 Telephone: 685-4344

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