342                              LAWS OF MARYLAND                      [CH. 145

under the provisions of Section 413 of this subtitle. 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
respective 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
subtitle, 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.

(b)   Vacancies, holding over. If a vacancy occurs in the elected
membership of any such loan committee, [the remaining members of
such committee shall elect] the chairman of the board of directors,
with the written approval of the remaining members of such com-
mittee, shall appoint a person from its economic region to fill such
vacancy for the unexpired term. Upon the expiration of their terms
the elected members of each such loan committee shall continue as
such until their successors have been elected and have qualified.

(c)   Offices. The board of directors of such corporation may
establish an office for any such loan committee, within such com-
mittee's economic region.

(d)  Loan applications. Every application to such corporation for
a loan or financial assistance shall be made through the loan com-
mittee for the economic region wherein the applicant resides or
maintains a regular place of business or desires to establish a regular
place of business, and such application shall thereupon be reviewed
by such loan committee and promptly transmitted by it to the board
of directors for final consideration, along with the recommendations
of such loan committee with respect thereto; provided, however, that
where there is no member of such corporation in an economic region
selected as above provided, such applicant may make his application
through the loan committee for any other economic region. For the
purposes of considering the approval or rejection of such loan ap-
plications, the board of directors may [by a two-thirds vote] dele-
gate its functions hereunder and its final authority for such approval
or rejection, to [a subcommittee consisting exclusively of members of
said board of directors.] the executive committee of the board of
directors as provided by the by-laws of the corporation.

419. Membership.

(b) Withdrawal. Membership in the corporation shall be for the
duration of the corporation provided that:

1.    Upon written notice given to the corporation one year in ad-
vance, a member may withdraw from membership in the corporation
at the expiration date of such notice, or;

2.    If there shall be a legislative amendment of this charter which
shall not have been approved by the members and stockholders as
provided for in Section 418 within sixty days after the effective date
of such amendment, any member voting against the approval of such