1184                           LAWS OF MARYLAND                     [CH. 662

(e) [Three (3)] Five (5) members of the Council shall con-
stitute a quorum authorized to transact any business, perform any
duties or exercise any powers of the Council except as is herein-
after provided.

(g) The Council shall meet and organize by the election of a
chairman and secretary who shall serve for the year for which they
are elected. The secretary need not be a member of the Council, and
shall serve without compensation, but shall be paid for actual ex-
penses incurred in the performance of his duties under this sub-
title. The Council shall meet at such [times and] places as may be
specified by call of the chairman, the Board or the Governor at least
once in each month TEN TIMES IN EACH YEAR.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1966.

Approved May 6, 1966.

CHAPTER 662
(House Bill 362)

AN ACT to add new Section 136A to Article 81 of the Annotated
Code of Maryland (1965 Replacement Volume), title "Revenue and
Taxes," subtitle "Insurance Taxes," to follow immediately after
Section 136 thereof, to provide for the gradual exemption of speci-
fied annuity insurance contracts from the State tax levied on insur-
ance premiums.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 136A be and it is hereby added to Article 81 of the
Annotated Code of Maryland (1965 Replacement Volume), title
"Revenue and Taxes," subtitle "Insurance Taxes," to follow immedi-
ately after Section 136 thereof, and to read as follows:

136A.

The rate of tax referred to in Section 136 of this subtitle with
respect to premiums received from annuity contracts issued in con-

nection with a pension, annuity, or profit sharing plan exempt or

qualified under Sections 401, 403, 404, or 501(a) of the United

States Internal Revenue Code as amended or renumbered from time
to time shall be reduced as follows SHALL BE AS FOLLOWS:
one-half of one per cent (½ of 1%) on all such premiums received
during the calendar year 1966, and zero (0) on all such premiums
received during the calendar year 1967 and thereafter.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1966.

Approved May 6, 1966.