J. MILLARD TAWES, Governor                       341

from each of the economic regions so established, for a term of one
year. Each of such directors shall be residents of such regions as
aforesaid or maintain a regular place of business therein.

[(h) First annual meeting. The first annual meeting of such
corporation shall be held at a time and place to be fixed by the
temporary board of directors, which shall be as soon as reasonably
possible after a minimum of five per cent of the capital stock of such
corporation shall have been paid into its treasury and a minimum
of ten members of such corporation shall have qualified as hereinafter
provided; and such meeting shall be called in such manner as may be
provided by the temporary board of directors.

(i) Temporary board of directors. Notwithstanding the fore-
going provisions of this section, until the first annual meeting of such
corporation and the election and qualification of a board of directors
as hereinabove provided, all the corporate powers of such corporation,
other than the power of lending money, shall be exercised by a tem-
porary board of directors consisting of fifteen persons. Each such
person shall be of full age, a citizen of the United States, a resident
of Maryland, and a director, officer or employee of a financial institu-
tion as that term is defined in Section 419 (c). Five of the members
of the temporary board shall be designated by the Governor, five
shall be designated by the President of the Senate and five shall be
designated by the Speaker of the House of Delegates. Of the five
appointees by such State officials, one shall be appointed from each
of the economic regions set forth in Section 413 of this subtitle either
as a resident thereof or said appointee shall have a place of business
therein. Each such designation shall be made as of June one, nineteen
hundred fifty-nine. Each such designation shall be in writing, signed
by the officer making it, and transmitted by him to the Secretary of
State, who shall make and record in his office a copy of such designa-
tion and deliver the original to the designee who, if he accepts such
designation, shall notify the Secretary of State of such fact, in writ-
ing, and thereupon his designation shall become effective and the
Secretary of State shall record such acceptance in his office. The
President of the Senate shall designate who shall serve as chairman
of the temporary board of directors, and such chairman shall fix the
time and place of the first meeting of such board. If any vacancy
occurs in such temporary board of directors through death, resigna-
tion, refusal or otherwise, a person shall be designated to fill such
vacancy by the officer who made the original designation. Upon the
election and qualification of a board of directors pursuant to sub-
sections (a) through (i) of this section, the temporary board of
directors shall be deemed dissolved.

(j) Failure to appoint temporary directors. In the event such
temporary directors are not appointed by any of the State officials
aforesaid within twenty days following June 1, 1959, he or they shall
waive his or their privilege of appointment as provided, and those
temporary directors whom such official was to have appointed shall
be appointed or designated as aforesaid by the State official or officials
who have made his or their designations within the time herein
provided.]

416. Loan committees.

(a) Number and membership. There shall be a loan committee of
such corporation for each of the economic regions as established