1394                            Laws of Maryland                       [Ch. 822

tions" said new sections to follow immediately after Section 411
thereof, and to be under the new sub-title "Development Credit
Corporation", creating an independent corporation for the stimu-
lation of business and industry in the State of Maryland by mak-
ing available loans to such business and industry when and to the
extent such loans are not otherwise readily available, said funds
being obtained by commitments of financial institutions as mem-
bers, as well as by stock subscription and other means; providing
generally for the establishment of said corporation by creating
economic regions within the State for its purposes; setting out
the purposes, powers, and operations of said corporation; creating
and setting out duties and operations of directors, officers and
other personnel; creating a liaison between the board of directors
and the public; providing for membership and certain limits for
financial institutions' participation; setting out the capital stock
provisions including surplus, obligations and depositories pro-
visions, and regulation of interest rates applicable to the corpo-
ration; setting out voting rights and control, providing for annual
supervision and reports of the corporation, and providing for
participation of certain corporations doing business within the
State in relation to this corporation, any laws to the contrary
notwithstanding; and generally providing for the creation, control,
operation, participation, limitation, power, authority, purposes
and all other matters generally relating to a corporation for the
stimulation, encouragement, rehabilitation, location assistance and
development of business and industry within the State of Mary-
land, along with the cooperative efforts of the institutions and
corporations which shall from time to time become members.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Sections 412 through 429, inclusive, be and they are hereby
added to Article 23 of the Annotated Code of Maryland (1957 Edi-
tion), title "Corporations", said new sections to follow immediately
after Section 411 thereof, to be under the new sub-title "Develop-
ment Credit Corporation", and to read as follows:

Development Credit Corporation
412. Establishment.

There is hereby created a corporation which shall be known as
the "Development Credit Corporation of Maryland". Except as
otherwise provided in this sub-title, such corporation shall be
possessed of all the powers, privileges and immunities which now
are or hereafter may be conferred on corporations with capital stock
by the general corporation law applicable to stock corporations or-
ganized under this Article. If such corporation fails to commence
business by April first, nineteen hundred sixty, its existence shall
terminate, and the provisions of this sub-title at that time shall be-
come null and void. Upon compliance with Section 415 (b) and (c)
of this sub-title and after the first meeting of the Board of Directors,
a Certificate shall be filed by said Board with the Secretary of State
certifying that this corporation has commenced business as provided
herein, and such certificate shall be conclusive evidence that business
was begun.