J. MILLARD TAWES, Governor                       1275

more restrictive as to the borrower than provided for by this section
if the board determines that such action on its part is justified by
special circumstances and would be consistent with the general ob-
jectives of the corporation. In the case of medical students consid-
eration shall be given to the period of formal internship, residency
training and fellowship, if any, and to financial need in determining
the period of repayment. In the case of borrowers on active duty in
the armed forces for not more than two years consideration also shall
be given to financial need in determining the period of repayment.

8.  Any person otherwise qualifying for a loan from the corpora-
tion, or qualifying for a loan guaranteed by the corporation, shall
not be disqualified by reason of his being under the age of twenty-
one years and for the purpose of applying for, receiving and repay-
ing such a loan any such person shall be deemed to have full legal
capacity to act and shall have all the rights, powers, privileges and
obligations of a person of full age, with respect thereto.

9.  Notwithstanding the provisions of any general or special law
or the provisions of any certificate of incorporation, charter or other
articles of organization, all domestic corporations or associations
organized for the purpose of carrying on business in this state, and
any person, is hereby authorized to make contributions to the Mary-
land higher education loan corporation and such contributions shall
be allowed as deductions in computing the net, taxable income of any
such person, corporation or association for purposes of any income
or franchise tax imposed by the state or any political subdivision
thereof.

10.  The property, income, obligations, and activities of the Mary-
land higher education loan corporation shall be exempt from all taxes
and assessments. The state of Maryland covenants with the holders
of the obligations and notes issued by the corporation pursuant to
this article, that the corporation shall not be required to pay any
taxes or assessments upon any of its property or upon its activities
pursuant to the provisions of this article, or upon any moneys, funds,
revenues or other income held or received by the corporation, and
that the obligations and notes of the corporation and the income
therefrom shall at all times be exempt from taxation, except for es-
tate and gift taxes and taxes on transfers.

11.  The Maryland higher education loan corporation shall be sub-
ject to the supervision and examination of the Bank Commissioner,
but shall not be deemed to be a banking organization nor required to
pay a fee for any such supervision or examination. Such corporation
shall make an annual report of its condition to the governor, the Gen-
eral Assembly, and the superintendent of banks BANK COMMIS-
SIONER, on or before June first of each year.

12.  The corporation and its corporate existence shall continue
until terminated by law upon a finding that there no longer exists
any need for such a corporation; provided, however, that no such
law shall take effect so long as the corporation shall have notes or
other obligations outstanding. Upon the dissolution of the corpora-
tion or the cession CESSATION of its activities all the property and
moneys of such corporation shall be vested in the State Scholarship
Board to be used for any scholarship program administered by the
Board.