its findings on, the establishment of a trade
center which shall, among other uses, be
designed to foster educational exchanges
between businessmen through seminars and
tours; assist in obtaining federal and state
financing or foreign trade, promote invest-
ments, sales, distributions and exchanges of
products, displays, educational and cultural
data, and other such services. The Commis-
sion is to report to the Governor and Gen-
eral Assembly from time to time (Res, No.
21, Acts of 1968).
DEVELOPMENT CREDIT
CORPORATION OF MARYLAND
OFFICERS
Chairman of the Board:
William A. Beasman
President and Chief Executive Officer:
W. G. Brooks Thomas
Treasurer: W. Bruce McPherson
Secretary: Donald R. Wenderoth
1301 First National Bank Building,
Baltimore 21202 Telephone: 685-6454
The General Assembly authorized the
establishment of the Development Credit
Corporation of Maryland by Chapter 822,
Acts of 1959, to stimulate business and in-
dustry in the State of Maryland by making
loans available to small businesses which
would not qualify for loans from conven-
tional institutions such as banks or insurance
companies.
The Corporation consists of two classes
of participants: members and stockholders.
Only financial institutions — that is, insti-
tutions whose activities include lending or
investing money — may become members.
Members must loan funds to the Corpora-
tion 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 aggregate loan limits of all members.
Individuals and domestic corporations may
become stockholders, but financial institu-
tions 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 fifteen-member Board of Directors,
representing the five economic regions, ex-
ercises the corporate powers of the Develop-
ment Credit Corporation. There are five
economic regions: the Central Region (Bal-
timore, Carroll, Harford, and Howard coun-
ties); 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 Re-
gion (Allegany, Frederick, Garrett, Mont-
gomery, and Washington counties); and the
Baltimore City Region. Initially, the Gov-
ernor, 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 tem-
porary 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 Cor-
poration from at least three of the five eco-
nomic 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 prop-
erty, including industrial plants or other
business establishments.
The Corporation established Loan Com-
mittees of five members for each economic
region. After a loan application has been
received by the Chief Executive Officer of
the Corporation, the loans are then dis-
cussed with the Regional Loan Committees
who review the applications, and join with
the Chief Executive Officer in making rec-
ommendations to the Board of Directors
or Executive Committee. Final decision will |
