STATE DEPARTMENT or PUBLIC WELFARE 3205

kind of charitable, educational, relief and health activities; to exercise all
powers and rights conferred upon corporations incorporated under the
general laws of this State, not Inconsistent with the public purposes of
this sub-title; to enter into, make and perform any contracts and do any
act or thing deemed to be necessary or proper to carry out the rehabilita-
tion purposes for which the Corporation is established and to facilitate
the securing of financial aid and cooperation from the United States Gov-
ernment, 'departments and agencies thereof in carrying out said rehabilita-
tion purposes, with full power to carry out such purposes the same as
natural persons might or could do.

1935, ch. 416, sec. 9D.

21. The corporation shall have authority to issue seven shares of stock
all of which shall be without nominal or par value, each share carrying with
it the power of one vote. Each of the incorporators and members of the
original Board of Directors is hereby made a Stockholder and shall have
issued to him a certificate evidencing one share of stock in the corporation
and entitling him to one vote as the holder thereof, but not entitling him to
any dividends or profits from the corporation. Each and every member
and successive member of the Board of Directors by acceptance of a share
of stock agrees that he will not transfer the share of stock or certificate
thereof or interest therein except as permitted by a majority vote of the
Board of Directors and that when he ceases for any reason to be a mem-
ber of the Board of Directors, he shall surrender to this corporation, all of
his right, title and interest in said share of stock and certificate thereof,
so said share or shares of stock may be available for proper transfer to
new members of the Board. If any such Board member refuses or fails
to do so the Board of Directors is hereby authorized to order cancelled
forthwith on the stock books of the corporation his certificate of stock
and/or share of stock and thereby forever terminate all of his right, title
and interest therein. Each member of the Board of Directors must be a
stockholder in order to serve as such' and if at any time he ceases to be a
stockholder and/or at any time he ceases to hold the office or position
with the Federal Government or with this State by virtue of which he was
selected to membership on the Board of Directors, he shall automatically
thereby become disqualified and cease to be a member of the Board of
Directors. No profits or net earnings shall ever accrue to the benefit of
the members, stockholders, members of the Board of Directors, or officers
of the corporation, but such profits or net earnings shall always be used to
maintain and promote the rural rehabilitation program of the State of
Maryland.

1935, ch. 416, sec. 9E.

22. The Board of Directors of the corporation shall at all times be
composed of stockholders of the corporation. The terms of office which
the members of the original Board shall serve shall be as follows: two for
one year, two for two years, two for three years and one for four years.
The term to be served by each of the Directors shall be determined by
drawing lots at the first meeting of the incorporators and stockholders. At
each annual meeting of the stockholders the successors to the Directors
whose terms have expired shall be elected by the stockholders to serve a
like term, provided, however, that a majority of the Board of Directors
shall at all times be members of the State Board of Public Welfare, or