LAWS OF MARYLAND 365

416.

(a) There shall be a loan committee of such corporation for each
of the [five] economic regions as [defined in] established under the
provisions of Section 413 of this sub-title. One member of the
board of directors elected from each such region shall serve as a
member and chairman of each such loan committee for their re-
spective regions as designated by the chairman of the board of
directors. Each such loan committee shall have four additional mem-
bers who shall be elected by the members of the corporation from
such region and each of whom shall be of full age and a citizen of
the United States and shall be a resident of such region or maintain
a regular place of business therein. In such elections, members of
the corporation from each such region shall have one vote each;
and each member having a loan limit, as defined by Section 420 of
this sub-title, of more than fifty thousand dollars shall have one
additional vote. The elected members of each such loan committee
shall be elected at the annual meetings of such corporation and shall
serve for terms of one year.

[(e) In connection with the approval of loan applications, the
board of directors shall adhere to the principle that the amount
of loans outstanding in connection with properties or business op-
erations in any economic region, expressed as a percentage of the
total amount of loans outstanding in all regions, shall not be greater
than three times the percentage relationship between the total value
(at par) of the corporation's capital stock which is registered in the
name of persons, firms, or corporations having regularly established
places of business in that region, and the total value (at par) of
all of the corporation's capital stock outstanding. ]

417.

(c) Each stockholder shall have one vote, in person or by proxy,
for each share of capital stock held by him; and each member shall
have one vote in person or by proxy, except that any member having
a loan limit of more than one thousand dollars shall have one ad-
ditional vote, in person or by proxy, for each additional one thousand
dollars which such member is authorized to have outstanding on
loans to the corporation at any one time as determined by the
formula for loan limits under the provisions of Section 420 of this
sub-title. Any loans voluntarily made by a member in excess of its
loan limit shall not increase the number of votes to which such mem-
ber shall be entitled.

419.

(c) For the purposes of this sub-title, the term "financial insti-
tution" shall mean any national banking [corporation or institution,
trust company, savings bank, cooperative bank, savings and loan
association or building corporation, partnerships, foundation, insur-
ance company, or other institution engaged in lending or investing
funds or whose activities include lending or investing funds. ] asso-
ciation and state-chartered commercial banks, trust companies and
savings banks.