HARRY W. NICE, GOVERNOR. 313

said new section to be known as Section 229A, to follow
immediately after Section 229 of said Article, and to read
as follows:

229A. The said Easton Utilities Commission, in its
discretion, and with the formal approval of the Mayor and
Council of Easton, shall have full power to invest or re-
invest any funds accumulated as a reserve, for deprecia-
tion or replacement of any of its departments, in any of
the following types of securities:

A. Bonds and other obligations of the United States;

B. Bonds of any Corporation organized under an act
of Congress, if such Corporation is an instrumentality of
the United States, and provided further that such Bonds
are the direct obligation of the United States in payment
of both principal and interest;

C. Bonds of the State of Maryland;

D. Bonds or other obligations of the Mayor and Council
of Easton, including Bonds issued primarily for any one
of the public Utilities managed by said Commission;
provided, that such investments as held by said Commis-
sion of the bonds of the Electric, Gas, Water and Sewer
Departments or Divisions of said Utilities shall not exceed
the sum of twenty-five thousand ($25, 000. 00) dollars in
par value of the Bonds of each of said Departments or Di-
visions, and such investments as held of all other Bonds
and obligations of the Mayor and Council of Easton shall
not exceed in the aggregate an additional amount of twen-
ty-five thousand ($25, 000. 00) dollars.

The said Commission, in its discretion, may sell any of
such securities so obtained, provided that the formal ap-
proval of the Mayor and Council of Easton shall first be
had before any such securities may be sold at a lower price
than that paid therefor by said Commission.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1935.

Approved: May 17, 1935.

CHAPTER 104.

AN ACT to repeal and re-enact with amendments Section
192 of Article 18 of the Code of Public Local Laws of
Maryland (1930 Edition), title "Queen Anne's County, "