HARRY HUGHES, Governor

4553

vacancy for the unexpired term. Upon the expiration of
their terms the elected members of each such loan committee
shall continue as such until their successors have been
elected and have qualified.

(c)  Offices. -- The board of directors of such
corporation may establish an office for any such loan
committee, within such committee's economic region.

(d)  Loan applications. — Every application to such
corporation for a loan or financial assistance shall be made
through the loan committee for the economic region wherein
the applicant resides or maintains a regular place of
business or desires to establish a regular place of
business, and such application shall thereupon be reviewed
by such loan committee and promptly transmitted by it to the
board of directors for final consideration, along with the
recommendations of such loan committee with respect thereto;
provided, however, that where there is no member of such
corporation in an economic region selected as above
provided, such applicant may make his application through
the loan committee for any other economic region. For the
purposes of considering the approval or rejection of such
loan applications, the board of directors may delegate its
functions hereunder and its final authority for such
approval or rejection, to the executive committee of the
board of directors as provided by the bylaws of the
corporation.

[417.] 6. Voting rights and powers.

(a)    Powers of stockholders and members. — The
stockholders and the members of the corporation shall have
the following powers of the corporation:

1.   To make, amend and repeal bylaws;

2.   To amend this charter as provided in [ § 418]
§ 7 OF THIS SUBTITLE;

3.  To exercise such other of the powers of the
corporation as may be conferred on the stockholders and/or
the members by the bylaws or this [article] SUBTITLE.

(b)  Stockholders and members to vote separately. -- As
to all matters requiring action by the stockholders and the
members of this corporation except as otherwise herein
provided, said stockholders and said members shall vote
separately thereon by classes; and, except as otherwise
herein provided, such matters shall require the affirmative
vote of a majority of votes to which the stockholders
present or represented at the meeting shall be entitled and
the affirmative vote of a majority of the votes to which the
members present or represented at the meeting shall be
entitled.