HARRY HUGHES, Governor

4551

4.  To acquire the good will, business, rights,
real and personal property and other assets,, or any part
thereof, of such persons, firms, corporations, joint stock
companies, associations or trusts as may be in furtherance
of the corporate purposes provided herein; and to assume,
undertake, guarantee or pay the obligations, debts and
liabilities of any such person, firm, corporation, joint
stock company, association or trust; to acquire improved or
unimproved real estate for the purpose of constructing
industrial plants or other business establishments thereon
or for the purpose of disposing of such real estate to
others for the construction of industrial plants or other
business establishments; and, in furtherance of the
corporate purposes provided herein, to acquire, construct,
or reconstruct, alter, repair, maintain, operate, sell,
lease, or otherwise dispose of industrial plants, industrial
sites, business establishments or business sites.

5.  To acquire, subscribe for, own, hold, sell,
assign, transfer, mortgage, pledge or otherwise dispose of
the stock, shares, bonds, debentures, notes or other
securities and evidences of interest in, or indebtedness of,
any person, firm, corporation, joint stock company,
association or trust, and, while the owner or holder
thereof, to exercise all the rights, powers and privileges
of ownership, including the right to vote thereon.

[415.] 4. Board of directors.

(a)  Number of directors; qualifications. — All the
corporate powers of such corporation shall be exercised by a
board of directors consisting of fifteen persons, all of
whom shall be persons eighteen years of age or more,
citizens of the United States, and residents of the State of
Maryland.

(b)  Election -- By members of corporation. — At [the
first] EACH annual meeting of such corporation [and at each
annual meeting thereafter], the members of such corporation
shall elect ten directors, not more than two directors and
not less than one director to be from each of the economic
regions so established, for a term of one year. Each of
such directors shall be residents of such regions as
aforesaid or maintain a regular place of business therein.

(c)  Same -- By stockholders.- -- At [such first and at]
each [succeeding] annual meeting the stockholders of the
corporation shall elect five directors for terms of one year
each.

(d)  Vacation of position. -- If any director shall
lose his citizenship or, if elected by the members of the
corporation, shall cease to be a resident of the economic
region from which he was elected or cease to maintain a