1654                               Laws of Maryland                        [Ch. 635

CHAPTER 635

(House Bill 498)

AN ACT to add new Article 44 to the Annotated Code of Maryland
(1971 Replacement Volume) to follow immediately after Article
43C thereof, creating a body politic and corporate and an instru-
mentality of the State of Maryland to be known as "The Maryland
Home Financing Authority," defining its members, powers and
duties, its purposes, and relating generally to the Maryland Home
Financing Authority SECTIONS 266FF-1, 2 AND 3 266FF-1
TO 266FF-4, INCLUSIVE TO ARTICLE 41 OF THE ANNO-
TATED CODE OF MARYLAND (1971 REPLACEMENT VOL-
UME AND 1971 SUPPLEMENT), TITLE "GOVERNOR-
EXECUTIVE AND ADMINISTRATIVE DEPARTMENTS,"
SUBTITLE "25. DEPARTMENT OF ECONOMIC AND COM-
MUNITY DEVELOPMENT" TO FOLLOW IMMEDIATELY
AFTER SECTION 266EE-6 THEREOF AND TO BE UNDER
THE NEW SUBHEADING "DIVISION OF HOME FINANC-
ING", ESTABLISHING AS A PART OF THE DEPARTMENT
OF ECONOMIC AND COMMUNITY DEVELOPMENT A PRO-
GRAM FOR FINANCING OF THE PURCHASE OF HOMES
BY CERTAIN PERSONS, PROVIDING FOR THE APPOINT-
MENT OF AN EXECUTIVE DIRECTOR, DEFINING THE
DUTIES AND PURPOSES OF THE DIVISION, AND GEN-
ERALLY RELATING THERETO.

Section 1. Be it enacted by the General Assembly of Maryland,

Code of Maryland (1971 Replacement Volume), to follow immediately
after Article 43C THAT NEW SECTIONS 266FF-1, 2 AND 3
266FF-1 TO 266FF-4, INCLUSIVE BE AND THEY ARE HEREBY
ADDED TO ARTICLE 41 OF THE ANNOTATED CODE OF
MARYLAND (1971 REPLACEMENT VOLUME AND 1971 SUP-
PLEMENT), TITLE "GOVERNOR—EXECUTIVE AND ADMIN-
ISTRATIVE DEPARTMENTS" SUBTITLE "25. DEPARTMENT
OF ECONOMIC AND COMMUNITY DEVELOPMENT" UNDER
NEW SUBHEADING "DIVISION OF HOME FINANCING," TO
FOLLOW IMMEDIATELY AFTER SECTION 266EE-6 OF SAID
ARTICLE AND TITLE thereof, and to read as follows:

44. The Maryland Home Financing Authority

(a) There is hereby created a State agency to be known as "The

Maryland Home Financing Authority," which is a body corporate

and politic. The Authority shall consist of five (5) members, ap-

pointed by the Governor, with the advice and consent of the Senate.

Of the members first appointed, one shall serve a term of one (1)
year, one a term of two years, one a term of three (3) years, one
a term of four (4) years, and the remaining member a term of five
(5) years. Members shall be eligible for reappointment, and each
member shall serve until his successor is appointed and qualifies.
Following the initial appointments, succeeding appointments shall be
made for a term of five (5) years. One of the members of the Author-
ity shall be designated by the Governor from time to time to serve as
Chairman.