HARRY W. NICE, GOVERNOR. 317

the bonds of or registered debt owing by the State at the
market value thereof, or cash, in its discretion; and such
purchaser or purchasers, its and their successor, successors
or assigns (if such purchaser or purchasers be a body cor-
porate or bodies corporate), or his, her or their executors,
administrators or assigns (if such purchaser or purchasers
be a natural person or persons), shall, upon such transfer
of and payment for said annuity, succeed to and have all
and every, the rights, incidents, interests and estate now
hold or owned by the State of Maryland in said annuity
and in the mortgage security thereof; and all money re-
ceived from the sale of said annuity shall be credited to
the annuity bond account and applied by the treasurer to
the payment of the State debt.

SEC. 3. And be it further enacted, That this Act shall
take effect on June 1, 1935.

Approved: May 17, 1935.

CHAPTER 107.

AN ACT to exempt the railroad property of the Washing-
ton, Brandywine and Point Look Out Railroad Company,
or so much thereof as may be used for railroad purposes
by the said Company, its successors and assigns, from
all State taxes and charges, and from all county and city
taxes and charges in the nature of a tax for the years
during which the property is so used but not exceeding
two years beginning January 1, 1935, provided that if
said railroad property should earn a net income during
either of said years, the said Company, its successors and
assigns shall pay as a tax an amount equal to all of said
net income so earned during said year or years in lieu of
said taxes and other charges, but not exceeding the
aggregate amount of said taxes and other charges.

WHEREAS, The Washington, Brandywine and Point Look
Out Railroad Company did not earn its operating charges
during the year 1934, and it is of the utmost importance
for the welfare of the State and particularly those parts
of the Counties of Prince George's, Charles, St. Mary's,
Anne Arundel and Calvert served by the said railroad that
the operation thereof be continued; and

WHEREAS, It is, in the judgment of the General Assem-
bly of Maryland, a wise and sound public policy to encour-