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Maryland Manual, 1969-70
Volume 174, Page 221   View pdf image (33K)
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MARYLAND MANUAL 221
DEVELOPMENT CREDIT CORPORATION
Officers
President and Chairman: Edmund L. Grimes
Vice President: S. Page Nelson, Jr.
Vice President: Benjamin L. Shuff
Treasurer: Vernon T. Pittinger
Secretary: Donald R. Wenderoth
Directors
Representing members: Scott S. Bair, J. Pierre Bernard, J. R.
Chaffinch, Jr., Denton A. Fuller, W. Griffin Morrel, Robert W.
Schaefer, Benjamin C. Shaw, Benjamin L. Shuff, Edwin S.
Dorcus, S. Page Nelson, Jr.
Representing the stockholders: Charles P. Crane, W. Earl Fisher,
John G. Gibson, Edmund L. Grimes, Dorsey F. Hughes.
Executive Committee: Scott S. Bair, J. Pierre Bernard, S. Page
Nelson, Jr. Robert W. Schaefer, Charles P. Crane.
Regional Loan Committees
Central Region: Scott S. Bair, Chairman; Irwin P. Trail, R. Lee
Mitchell, J. Carroll Jenkins, Norman B. Boyle.
Eastern Shore Region: J. R. Chaffinch, Jr., Chairman; Reese F.
Cropper, Wilson L. Harrison, Roger W. Simpkins, Emory W.
Slaughter.
Southern Region: J. Pierre Bernard, Chairman; F. Ira Wheatley,
R. Harry Moreland, L. H. Mattingly.
Western Region: Benjamin L. Shuff, Chairman; A. LeRoy Nichols,
Wesley C. Schaible, Winship 1. Green, Ralph M. Race.
Baltimore City Region: S. Page Nelson, Jr., Chairman; Eldred B.
Fitzell, John G. Gibson, Donald R. Wenderoth, Joseph E. Peters.
J. Cookman Boyd, Jr., Counsel
Vacancy, Executive Secretary
1301 First National Bank Building,
Baltimore 21202 Telephone: 685-6454
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 loam 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, consisting of fifteen members, exercises the
corporate powers of the Development Credit Corporation. There are
five economic regions: the Central Region (Baltimore, Carroll, Har-
ford, 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, Cal-
vert, Charles, Prince George's, and St. Mary's counties); the Western

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Maryland Manual, 1969-70
Volume 174, Page 221   View pdf image (33K)
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