1228                             Laws of Maryland                       Ch. 527

the same title and subheading but to be under a new subtitle "Depart-
ment of Economic and Community Development" to read as follows:

266K.

It is declared that a need exists for new and expanded industrial
enterprises to provide enlarged opportunities for gainful employment
by the people of Maryland and thus to insure the preservation and
betterment of the economy of the State. It is also declared that it is
in the interest of the public welfare and purpose to promote the
expansion and diversification of industry, to increase employment,
and to provide a larger taxable base for the economy of the State of
Maryland. It is further declared that a need exists to assist and
encourage local non-profit development corporations and/or munic-
ipalities or counties in their efforts to stimulate business growth in
their communities. Therefore, the Maryland Industrial Development
Financing Authority is created as part of the Department of Eco-
nomic and Community Development to encourage the making of
mortgage loans for the purpose of furthering industrial expansion
in the State, and, thus, improve the welfare of the public for the
foregoing reasons and, by the stimulation of a larger flow of private
investment funds from banks, building and loan associations, credit
unions, savings and loan associations, insurance companies, and
other financial institutions, including pension, retirement and profit-
sharing funds, meet the need of industrial plant expansion.

266M.

(a) The Maryland Industrial Development Financing Authority,
hereinafter in this subtitle called the Authority, is hereby created
and established a body corporate and politic and is constituted a
public instrumentality of the State, and the exercise by the Authority
of the powers conferred by the provisions of this subtitle shall be
deemed and held to be the performance of essential governmental
functions. The Authority shall consist of five (5) members, ap-
pointed by the Secretary of Economic and Community Develop-
ment, with the approval of the Governor, for a period of five (5)
years, as herein provided.

(c) During the month of June, 1966, and during the month of
June annually thereafter, the Secretary of Economic and Community
Development, with the approval of the Governor, shall appoint a
member to succeed the member whose term will then next expire to
serve for a term of five (5) years commencing on the first day of
July then next following, and until his successor is appointed and
qualified. A member shall be eligible to succeed himself.

(e) The Governor, shall appoint either the State treasurer or the
State Comptroller as an ex officio member of the Authority[, with-
out voting rights except in the exceptional occasion where his vote is
required to constitute a quorum]. The Secretary of Economic and
Community Development or his designee shall also be an ex officio
member of the Authority.

266N.

(a) The manager shall be appointed by the Authority, subject
to the approval of the Secretary of Economic and Community Devel-