J. MILLARD TAWES, GOVERNOR                          1397

residents of such regions as aforesaid or maintain a regular place
of business therein.

(c) 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)   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
regular place of business therein or, if elected by the stockholders
of such corporation, shall cease to be a resident of the State, he shall
immediately vacate his position as a director and such position shall
thereupon be deemed vacant.

(e)   If any vacancy occurs in the elected membership of the Board
of Directors through death, resignation or otherwise, except a
vacancy occurring by reason of there being no member of said
Board of such corporation from an economic region, the remaining
directors shall elect a person to fill such vacancy for the unexpired
term; provided, however, that if the person vacating the position
has been elected thereto by the members of such corporation, the
person elected to fill such vacancy shall be a resident of or maintain
a regular place of business in the same economic region as his prede-
cessor.

(f)   Upon the expiration of their terms, the elected directors shall
continue as such until their successors have been elected and have
qualified.

(g)   The Board of Directors shall elect one of its members as
chairman of such Board, shall adopt by-laws for such corporation
and may appoint such officers and employees as it deems advisable.

(h) The first annual meeting of such corporation shall be held
at a time and place to be fixed by the temporary Board of Directors,
which shall be as soon as reasonably possible after a minimum of
ten per cent of the capital stock of such corporation shall have been
paid into its treasury and a minimum of ten members of such corpo-
ration shall have qualified as hereinafter provided; and such meeting
shall be called in such manner as may be provided by the temporary
Board of Directors.

(i) Notwithstanding the foregoing provisions of this section,
until the first annual meeting of such corporation and the election
and qualification of a Board of Directors as hereinabove provided,
all the corporate powers of such corporation, other than the power OF
lending money, shall be exercised by a temporary Board of Directors
consisting of fifteen persons. Each such person shall be of full age, a
citizen of the United States, a resident of Maryland, and a director,
officer or employee of a financial institution as that term is defined
in Section 419 (c). Five of the members of the temporary Board
shall be designated by the Governor, five shall be designated by the
President of the Senate and five shall be designated by the Speaker
of the House of Delegates. Of the five appointees by such State
officials, one shall be appointed from each of the economic regions
set forth in Section 413 of this sub-title either as a resident thereof
or said appointee shall have a place of business therein. Each such
designation shall be made as of June 1, nineteen hundred fifty-