HARRY HUGHES, Governor

4549

REVISOR'S NOTE: Ch. ____, Acts of 1982, which

transferred to the Session Laws provisions that
relate to the creation and operation of the
Development Credit Corporation, also transferred
this section from former Article 23, § 427 and
made minor style changes.

SECTION 3. AND BE IT FURTHER ENACTED, That Section(s)
412 through 426A, inclusive, and 428 and 429, and the
amended subtitle "Development Credit Corporation of
Maryland," of Article 23 - Miscellaneous Companies, of the
Annotated Code of Maryland be and they are hereby
transferred, with amendments, from the Annotated Code of
Maryland to the Session Laws, to read as follows:

Development Credit Corporation OF MARYLAND

[412.] 1. Establishment.

There is hereby created a corporation which shall be
known as the "Development Credit Corporation of Maryland."
Except as otherwise provided in this subtitle, such
corporation shall be possessed of all the powers, privileges
and immunities which now are or hereafter may be conferred
on corporations with capital stock by the [general
corporation law applicable to stock corporations organized
under this article] MARYLAND GENERAL CORPORATION LAW. [If
such corporation fails to commence business by April first,
nineteen hundred sixty-one, its existence shall terminate,
and the provisions of this subtitle at that time shall
become null and void. Upon compliance with § 415 (b) and
(c) of this subtitle and after the first meeting of the
board of directors, a certificate shall be filed by said
board with the Secretary of State certifying that this
corporation has commenced business as provided herein, and
such certificate shall be conclusive evidence that business
was begun.]

[413.] 2. Economic regions.

For the purposes of this subtitle, the board of
directors of the corporation may divide the State into not
less than five (5) economic regions.

[414.] 3. Purposes and powers.

(a) Purposes. -- The purposes of such corporation
shall be to assist and, through the cooperative efforts of
the institutions and corporations which shall from time to
time become members thereof, to develop and advance the
business prosperity and economic welfare of the State; to
encourage and assist in the location of new business and
industry in the State and to rehabilitate existing business
and industry; to stimulate and to assist in the expansion of