WM. PRESTON LANE, JR., GOVERNOR. 1377

tached thereto shall bear the facsimile signatures of the Chair-
man of the Commission, the State Treasurer and State Comp-
troller. In case any officer whose signature or a facsimile of
whose signature shall appear on any bonds or coupons shall
cease to be such officer before the delivery of such bonds, such
signature or such facsimile shall nevertheless be valid and suf-
ficient for all purposes the same as if he had remained in office
until such delivery. All bonds issued under the provisions
of this sub-title shall have and are hereby declared to have
all the qualities and incidents of negotiable instruments un-
der the negotiable instruments law of the State. The bonds
may be issued in coupon or in registered form, or both, as the
Commission may determine, and provision may be made for
the registration of any coupon bond as to principal alone
and also as to both principal and interest, and for the recon-
version into coupon bonds of any bonds registered as to both
principal and interest. All bonds issued under this sub-title,
their transfer and the income therefrom (including any profit
made on the sale thereof) shall at all times be free from taxa-
tion by the State of Maryland, any of its political subdi-
visions, any town or incorporated municipality or any other
public agency within the State.

147K. The bonds, of each series issued under the provisions
of this sub-title shall bear interest at a rate or rates not exceed-
ing four per centum (4%) per annum, payable semi-annually.
The bonds of each series shall he dated as may be determined
by the Commission, shall mature in substantially equal an-
nual installments over a period of fifteen (15) years begin-
ning one (1) year from their date, the amount of the bonds
of each series which mature in any one year not to exceed
the amount maturing in any other year by more than $10,000,
and may be made subject to redemption before their respec-
tive maturities, at the option of the Commission, at such price
or prices and under such terms and conditions as may be
fixed by the Commission prior to the issuance of the bonds;
provided, however, that no bonds issued under the provisions
of this sub-title shall be subject to purchase for retirement or
be made redeemable at a price exceeding the principal amount
thereof together with the interest accrued thereon to the date
of such purchase or redemption, plus a premium of five per
centum (5%) of the principal amount thereof.

147L. All bonds issued under this subtitle shall be exempt
from the provisions of Sections 34 and 35 of Article 31 of the
Annotated Code of Maryland (1939 Edition), and of Section
36 of said Article 31 of said Code, as amended by the Acts of
1945, Chapter 532, and the Commission may issue and sell
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