EMERSON C. HARRINGTON, GOVERNOR. 681

for the purposes, or any of the purposes, hereinafter set forth,
as herein provided.

SEC. 2. And be it further enacted, That the Executive Com-
mittee of the Maryland Council of Defense, by and with the
sanction and approval of the Governor, shall, from time to
time, determine the amount or amounts of the loan authorized
by this Aot which shall, from, time to time, be issued; the time
or times when said loan, or any amount or amounts' thereof,
shall be issued; the interest rate which said loan, or any amount
or amounts thereof, shall bear, the same, however, in no case to
exceed the rate of four and one-half per centum per annum,
the period or periods at which such interest shall be payable
and the date or dates of. the maturity of the principal of the
said loan, or any amount or amounts thereof issued as aforesaid,
such date or dates of maturity, in every case, to be within three
years from the time of issuance; and the said loan shall be is-
sued in such amount or amounts, at such time or times, shall
bear interest payable at such time or times, and shall mature
at such time or times, as the said Executive Committee of the
Maryland Council of Defense, by and with the sanction and
approval of the Governor, may, from time >to time, determine
as aforesaid. For the purpose of this Act, the said Executive
Committee of the Maryland Council of Defense shall consist of
its regularly authorized membership of five members, together
with the Comptroller of the Treasury and the State Treasurer.
The said loan, and every part thereof, and the interest payable
thereon, shall be and remain exempt from State, County and
Municipal taxation.

SEC. 3. And be it further enacted, That (the Governor, the
Comptroller of the Treasury and the Treasurer of the State,
or a majority of them, are authorized and directed to have
prepared proper certificates of indebtedness, in good and suffi-
cient form as evidence of such loan. Each of said certificates
shall be signed by the Treasurer of the State and countersigned
by the Comptroller of the Treasury. Such certificates shall bear
date as of the time or times of their issue. They shall not be
issued in less sums than one hundred dollars, but may be
issued in sums of one hundred dollars, or any multiple thereof,
and any portion or all of said certificates may be registered,
or not registered, and the said certificates, or any portion
thereof, shall have interest coupons attached, for said certifi-
cates, or any portion (thereof, shall not have interest coupons
attached, all as the Executive Committee of the Maryland