4550

LAWS OF MARYLAND

Ch. 826

all kinds of business activity which will tend to promote
the business development and maintain the economic stability
of the State, provide maximum opportunities for employment,
encourage thrift and improve the standard of living of the
citizens of the State; to cooperate and act in conjunction
with other organizations, public or private, the objects of
which are the promotion and advancement of industrial,
commercial, agricultural, and recreational developments in
the State; to furnish money and credit to approved and
deserving applicants, for the promotion, development or
conduct of all kinds of business activity in the State, when
and to the extent that such money and credit is not
otherwise readily available therefor.

(b) Powers. -- In furtherance of the purpose set forth
in subsection (a) of this section, and in addition to the
powers conferred on stock corporations by general laws, such
corporation, subject to the restrictions and limitations
contained in this subtitle, shall have the following powers:

1.  To borrow money and otherwise incur
indebtedness for any of its purposes; to issue its bonds,
debentures, notes or other evidences of indebtedness,
whether secured or unsecured, therefor; and to secure . the
same by mortgage, pledge, deed of trust or other lien on its
property, franchises, rights and privileges of every kind
and nature or any part thereof.

2.  To lend money to, and to guarantee, endorse,
or act as surety on the bonds, notes, contracts, or other
obligations of, or otherwise assist financially, any person,
firm, corporation or association; and to establish and
regulate the terms and conditions with respect to any such
loans or financial assistance and the charges for interest
and service connected therewith; provided, however, that it
is not the intention hereof to take from banking
organizations any such loans or commitments as may be
desired by such organizations generally in the ordinary
course of their business; and provided further that the
interest rate or interest charge to any person, firm,
corporation or association who or which shall be granted a
loan by such corporation shall never be less than the rate
of interest being charged by financial institutions in the
economic regions where the loan is to be granted.

3.  To purchase, receive, hold, lease, or
otherwise acquire, and to sell, convey, mortgage, lease,
pledge, or otherwise dispose of, upon such terms and
conditions as its board of directors may deem advisable,
real and personal property, together with such rights and
privileges as may be incidental and appurtenant thereto and
the use thereof, including, but not restricted to, any real
or personal property acquired by such corporation from time
to time in the satisfaction of debts or enforcement of
obligations.