J. MILLARD TAWES, GOVERNOR                          1395

413. Economic Regions.

For the purposes of this sub-title, the State is hereby divided into
five economic regions, as follows:

(1)  Central region. The Counties of Baltimore, Carroll, Harford,
and Howard.

(2)  Eastern Shore region. The Counties of Caroline, Cecil, Dor-
chester, Kent, Queen Anne's, Somerset, Talbot, Wicomico, and
Worcester.

(3) Southern region. The Counties of Anne Arundel, Calvert,
Charles, Prince George's, and St. Mary's.

(4) Western region. The Counties of Allegany, Frederick, Garrett,
Montgomery, and Washington.

(5) Baltimore City region. The City of Baltimore.

414. Purposes, Powers and Operation.

(a)   The purposes of such corporation shall be to assist and,
through the cooperative efforts of the institutions and corporations
which shall from time to time become members thereof, to develop
and advance the business prosperity and economic welfare of the
State; to encourage and assist in the location of new business and
industry in the State and to rehabilitate existing business and in-
dustry; to stimulate and assist in the expansion of all kinds of
business activity which will tend to promote the business develop-
ment and maintain the economic stability of the State, provide
maximum opportunities for employment, encourage thrift and im-
prove the standard of living of the citizens of the State; to cooperate
and act in conjunction with other organizations, public or private,
the objects of which are the promotion and advancement of indus-
trial, commercial, agricultural, and recreational developments in the
State; to furnish money and credit to approved and deserving appli-
cants, for the promotion, development or conduct of all kinds of
business activity in the State, when and to the extent that such
money and credit is not otherwise readily available therefor.

(b)  In furtherance of the purpose set forth in sub-section (a)
of this section, and in addition to the powers conferred on stock
corporations by general laws, such corporation, subject to the re-
strictions and limitations contained in this sub-title, shall have the
following powers:

1.   To borrow money and otherwise incur indebtedness for any
of its purposes; to issue its bonds, debentures, notes or other evi-
dences of indebtedness, whether secured or unsecured, therefor; and
to secure the same by mortgage, pledge, deed of trust or other lien
on its property, franchises, rights and privileges of every kind and
nature or any part thereof.

2.   To lend money to, and to guarantee, endorse, or act as surety
on the bonds, notes, contracts, or other obligations of, or otherwise
assist financially, any person, firm, corporation or association; and
to establish and regulate the terms and conditions with respect to
any such loans or financial assistance and the charges for interest