HARRY W. NICE, GOVERNOR. 911

to be a member of the Board of Directors, he shall sur-
render to this corporation, all of his right, title and in-
terest in said share of stock, and certificate thereof, so said
share or shares of stock may be available for proper trans-
fer to new members of the Board. If any such Board mem-
ber refuses or fails to do so the Board of Directors is here-
by 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 disquali-
fied 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 pro- '
mote the rural rehabilitation program of the State of
Maryland.

9E. 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 meet-
ing of the stockholders the successors to the Directors
whose terms have expired shall be elected by the stock-
holders to serve a like term, provided, however, that a
majority of the Board of Directors shall at all times be
members of the Board of State Aid and Charities, or its
staff, so long as it shall function as the State agency for
the administration of Emergency Relief, and thereafter the
membership of the Board of Directors shall be constituted
as the by-laws shall then provide.

9F. The corporation shall have a perpetual existence
unless dissolved by subsequent Act of the General Assembly
of Maryland, in which event its property shall be sold and
disposed of, its debts paid and collected, its affairs properly
settled, and the balance of funds on hand shall be offered