HARRY W. NICE, GOVERNOR. 521

SECTION 1. Be it enacted by the General Assembly of
Maryland, That a new section be and the same is hereby
added to Article 23 of the Annotated Code of Maryland
(1929 Supplement), title "Corporations, " sub-title "Co-
operative Associations, " said new section to be known as
Section 447, to follow immediately after Section 446 of
said Article, and to read as follows:

447. Any cooperative association or corporation,
organized under the laws of this State, or under the laws
of the United States, or qualified to do business in this
State, and qualified as a cooperative association under the
laws of this State and/or under the laws of the United
States, may give as security for any loan or loans obtained
from any bank for cooperatives, organized under the act
of Congress known as the Farm Credit Act of nineteen
hundred thirty-three, or for any loan or loans obtained
from any Federal intermediate credit bank, organized
under an act of Congress known as the Agricultural
Credits Act of nineteen hundred twenty-three, a chattel
mortgage or deed of trust covering stocks of goods or
inventories, or other things in bulk, but changing in, speci-
fics, in which case the lien of such mortgage or deed of
trust shall be lost as to all articles disposed of by the
mortgagor prior to the extinguishment of such mortgage,
but shall attach to the articles purchased to supply their
places.

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

Approved May 17, 1935.

CHAPTER 259.

AN ACT to repeal and re-enact with amendments Section
337 of Article 15 of the Code of Public Local Laws of
Maryland (1930 Edition), title "Kent County, " sub-title
"Rock Hall, " relating to the terms of the councilmen of
the town of Rock Hall and providing for a referendum
thereon.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 337 of Article 15 of the Code of
Public Local Laws of Maryland (1930 Edition), title "Kent