HARRY W. NICE, GOVERNOR. 1077

of and interest on such refunding bonds as the same shall
fall due before such annual tax shall be applied to the
payment of the principal of and interest on the said prom-
issory notes, bonds or other evidences of indebtedness issued
pursuant to the provisions of this sub-title; and provided
further that in the event the Commission shall issue such
refunding bonds the reserve fund above mentioned shall
amount to not less than $25, 000. After the interest on and
principal of said promissory notes, bonds or other evidences
of indebtedness issued pursuant to this sub-title and payable
each year shall have been paid and the above-mentioned re-
serve fund maintained, the remaining revenue produced from
the said taxes each year shall be expended by the State Roads
Commission as otherwise provided for by law. If such re-
serve fund is invested, it shall be invested only in obligations
to which the full faith and credit of the State of Maryland
is pledged.

SEC. 2. And be it further enacted, That Section 83 of Arti-
cle 89B of the Code of Public General Laws of Maryland, as
enacted by Chapter 563 of the Acts of the General Assembly
of Maryland at its 1935 session, be and the same is hereby
repealed.

SEC. 3 And be it further enacted, That this Act is declared
to be an emergency law and necessary for the immediate
preservation of the public health and safety, and being passed
by a yea and nay vote, supported by three-fifths of all the
members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.

Approved April 26, 1937.

CHAPTER 509.

AN ACT to add a new section to Article 48A of the 1935
Supplement to the Annotated Code of the Public General
Laws of Maryland, title "Insurance", sub-title "General
Provisions", said new section to follow immediately after
Section 39 and to be known as Section 39A, providing for
a tax on premiums of domestic life insurance companies
having a capital stock in lieu of all other taxes, and pro-
viding for the exemption from assessment and taxation of
the shares of stock of such companies and the holders
thereof in respect of said shares.