88 LAWS OF MARYLAND. [CH. 49

sion, and presently own, operate and maintain a gas or electric
plant devoted in whole or in part to the supplying of the in-
habitants of such municipalities with gas or electricity, for
lighting or power purposes, nor shall this section apply to the
Mayor and Council of Hagerstown nor to such municipality or
municipalities having a population in excess of 20, 000 and an
assessable basis in excess of $15, 000, 000, when the majority of
voters of such municipality or municipalities, at a duly held
election, shall vote in favor of municipal ownership of lighting
or power plant. If the certificate of authority is refused no
further proceedings shall be taken before the Commission, but
a new application may be made therefor after six months from
the date of refusal.

SEC. 2. And be it further enacted, That in the event any
part or provision of this Act be held invalid, the same shall not
affect in any way the validity of the remaining parts and pro-
visions.

SEC. 3. And be it further enacted, That this Act shall take
effect from the first day of June, 1924.

Approved April 9, 1924.

CHAPTER 49.

AN ACT to authorize the Comptroller of the Treasury and the
Treasurer of the State to have printed or engraved and to
execute and issue proper certificates of indebtedness of the
State of Maryland, to be substituted for certain certificates
now held by the Treasurer of the State in various sinking
fund accounts and providing for the sale of said certificates
of indebtedness.

WHEREAS, various certificates of indebtedness of the State of
Maryland, each being numbered and of the series and issue
described herein, were in the various sinking fund accounts
named herein;

And whereas, each and every of said certificates of indebted-
ness have been destroyed and in place thereof the Treasurer of
the State holds for said several sinking fund accounts certain
certificates, each of said certificates describing the certificates
of indebtedness, called bonds, for which they were issued as
follows: