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Maryland Manual, 1971-72
Volume 175, Page 213   View pdf image (33K)
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MARYLAND MANUAL 213
require the affirmative vote of the Federal Co-Chairman and of a
majority of State members.
DEVELOPMENT CREDIT CORPORATION
Officers
Chairman of the Board: S. Page Nelson, Jr.
President and Chief Executive Officer: W. G. Brooks Thomas
Vice President: Robert W. Schaefer
Treasurer: Vernon T. Pittinger
Secretary: Donald R. Wenderoth
Directors
Representing members: J. Pierre Bernard, William F. G. Carroll,
James R. Chaffinch, Jr., Cornelius F. Cronin, Denton A. Fuller,
Robert W. Schaefer, Benjamin C. Shaw, Richard A. Wantz,
Donald R. Wenderoth.
Representing stockholders: Charles P. Crane, Richard G. Macgill,
Jr., S. Page Nelson, Jr., William Pate, Vernon T. Pittinger.
Executive Committee: Charles P. Crane, Richard G. Macgill, Jr.,
S. Page Nelson, Jr., Vernon T. Pittinger, Robert W. Schaefer.
Regional Loan Committees
Central Region: Cornelius F. Cronin, Chairman; Irwin P. Trail,
R. Lee Mitchell, J. Carroll Jenkins, Norman B. Boyle.
Eastern Shore Region: James R. Chaffinch, Jr„ Chairman; Reese
F. Cropper, Wilson L. Harrison, Roger W. Simpkins, William
E. Wolcott.
Southern Region: J. Pierre Bernard, Chairman; Joseph Gough,
John P. Sippel, Frank K. Turner, F. Ira Wheatley.
Western Region: Denton A. Fuller, Chairman; Robert M. Eslin-
ger, Ralph M. Race, Warren P. Rothe.
Baltimore City Region: Donald R. Wenderoth, Chairman: Eldred
B. Fitzell, Joseph E. Peters, Timothy D. McMillin.
J. Cookman Boyd, Jr., Counsel
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 available to small businesses which would not qualify for
loans from conventional institutions such as banks or insurance
companies.
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, consisting of fifteen members, exercises the
corporate powers of the Development Credit Corporation. There are

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Maryland Manual, 1971-72
Volume 175, Page 213   View pdf image (33K)
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