§ 214. Committees. 1. There shall be a loan committee of such
corporation for each of the twelve economic regions as defined in
section two hundred eleven of this chapter or such other regions as the
board of directors shall designate for this purpose. Each such
committee shall include such persons as the board of directors shall
designate.

2. The board of directors of such corporation may establish an office
for any such loan committee, within such committee's economic region.

3. 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 directly to one of the regional offices of the corporation.
Any such applications made to a regional office shall be promptly
referred to the loan committee for the economic region wherein the
applicant resides or maintains a regular place of business. All such
applications shall thereupon be reviewed by such regional loan committee
and promptly transmitted by it to the central loan committee established
by the board of directors for consideration, along with the
recommendations of such regional loan committee with respect thereto.

4. The board of directors shall have the responsibility to appoint all
necessary board and officer committees to provide for prudent management
and oversight of such corportion.