422 LAWS OF MARYLAND. [CH. 232

upon its receipt, for the specific purpose for which the bonds
have been issued and for no other purpose whatsoever, and
any balance left over, shall be deposited by them in the sink-
ing fund hereinafter provided for the redemption of the
specific bonds from the proceeds of which said surplus was
derived.

SEC. 5. And be it further enacted, That the County Com-
missioners of Calvert County are hereby authorized and di-
ereted to levy each and every year after any bond issue under
the provisions hereof as a separate fund for each of such issues
a sufficient amount of money to meet the interest on said bonds
and to create a sinking fund to pay said bonds at maturity
until the last of said bonds, issued under this Act shall have
been paid and cancelled. Such funds shall be deposited in
some safe banking or savings institution in the State of Mary-
land on interest, and County Commissioners are hereby au-
thorized and empowered to purchase from the proceeds of
such sinking funds any of the bonds which may be offered for
sale, when in their judgment it shall be advisable so to do, and
upon the purchase of any of such bonds and the redemption
of the same at maturity, the County Commissioners shall im-
mediately cancel said bond or bonds by stamping the same
with the word '' Cancelled." No portion of said sinking funds
shall ever be diverted to any other purpose than to the liquida-
tion of said bonds and in case any of the persons in charge
thereof shall so divert or permit the same to be diverted they
shall be deemed guilty of a misdemeanor, and upon conviction
thereof shall be subject to a fine of not less than twice the
amount so diverted.

Approved April 16, 1920.

CHAPTER 232.

AN ACT to repeal and re-enact with amendments Section 88C
of Article 23 of the Annotated Code of Maryland, title
"Corporations," sub-title "Taxation," providing for the
payment of taxes due by ordinary business corporations
directly into the, State Treasury and providing for the
calculation and collection of franchise taxes against such
corporations.