1396                            Laws of Maryland                       [Ch. 822

and service connected therewith; provided, however, that it is not
the intention hereof to take from banking organizations any such
loans or commitments as may be desired by such organizations gen-
erally in the ordinary course of their business; and provided further
that the interest rate or interest charge to any person, firm, corpora-
tion or association who or which shall be granted a loan by such
corporation shall never be less than the rate of interest being charged
by financial institutions in the economic regions where the loan is
to be granted. The going rate of interest prevalent as aforesaid
shall be certified by the Loan Committee for that economic region
wherein the loan is to be granted, and such certificate shall be satis-
factory evidence thereof for the purposes herein provided.

3. To purchase, receive, hold, lease, or otherwise acquire, and to
sell, convey, mortgage, lease, pledge, or otherwise dispose of, upon
such terms and conditions as its Board of Directors may deem ad-
visable, real and personal property, together with such rights and
privileges as may be incidental and appurtenant thereto and the
use thereof, including, but not restricted to, any real or personal
property acquired by such corporation from time to time in the
satisfaction of debts or enforcement of obligations.

4. To acquire the good will, business, rights, real and personal
property and other assets, or any part thereof, of such persons,
firms, corporations, joint stock companies, associations or trusts
as may be in furtherance of the corporate purposes provided herein;
and to assume, undertake, guarantee or pay the obligations, debts
and liabilities of any such person, firm, corporation, joint stock com-
pany, association or trust; to acquire improved or unimproved real
estate for the purpose of constructing industrial plants or other
business establishments thereon or for the purpose of disposing of
such real estate to others for the construction of industrial plants
or other business establishments; and, in furtherance of the corpo-
rate purposes provided herein, to acquire, construct, or reconstruct,
alter, repair, maintain, operate, sell, lease, or otherwise dispose of
industrial plants, industrial sites, business establishments or business
sites.

5. To acquire, subscribe for, own, hold, sell, assign, transfer,
mortgage, pledge or otherwise dispose of the stock, shares, bonds,
debentures, notes or other securities and evidences of interest in,
or indebtedness of, any person, firm, corporation, joint stock com-
pany, association or trust, and, while the owner or holder thereof,
to exercise all the rights, powers and privileges of ownership, in-
cluding the right to vote thereon.

415. Board of Directors.

(a)   All the corporate powers of such corporation shall be exer-
cised by a Board of Directors consisting of fifteen persons, all of
whom shall be of full age, citizens of the United States, and residents
of the State of Maryland.

(b)   At the first annual meeting of such corporation and at each
annual meeting thereafter, the members of such corporation from
at least three of the five economic regions as defined in Section 413
of this sub-title, shall elect two directors from each of the five
economic regions for a term of one year. Such directors shall be