clear space clear space clear space white space
A
 r c h i v e s   o f   M a r y l a n d   O n l i n e

PLEASE NOTE: The searchable text below was computer generated and may contain typographical errors. Numerical typos are particularly troubling. Click “View pdf” to see the original document.

  Maryland State Archives | Index | Help | Search
search for:
clear space
white space
Session Laws, 1935
Volume 579, Page 755   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>
clear space clear space clear space white space

HARRY W. NICE, GOVERNOR. 755

thereafter arising therefrom in the same manner as the Au-
thority itself might do, and shall deposit all such moneys in
a separate account and apply the same in such manner as the
court shall direct. In any suit, action or proceeding by the
trustee, the fees, counsel fees and expenses of the trustee and
of the receiver, if any, shall constitute taxable disbursements
and all costs and disbursements allowed by the court shall be
a first charge on such part of the tolls, rentals and other
revenues derived from the project or projects, as were pledged
as security for the issue of the bonds for which said trustee
is acting.

F. Said trustee shall, in addition to the foregoing, have
and possess all of the powers necessary or appropriate for the
exercise of any functions specifically set forth herein or inci-
dent to the general representation of the bondholders in the
enforcement and protection of their rights.

G. All the rights and remedies hereinabove conferred
shall be cumulative and in addition to all other rights and
remedies that may be conferred upon any bondholder or trus-
tee for bondholders of the Authority by law or by any con-
tract with the Authority.

H. No default with respect to any of the three issues of
bonds herein provided for shall be construed to extend to any
of the other issues.

88. The property of the Authority shall be exempt from
execution, including an execution on a judgment on the bonds,
and all persons in contractual relations with the Authority
shall be deemed to have constructive notice of such exemp-
tion. This section shall be effective in so far as, but only in
so far as, permitted by the Constitution of the State of Mary-
land.

89. A. The State of Maryland does pledge to and agree
with the holders of the bonds that the State will not limit or
alter the rights hereby vested in the Authority to establish
and collect such charges and tolls as may be convenient or
necessary to produce sufficient revenue to meet the expense of
the maintenance and operation of all the projects and to ful-
fill the terms of any agreements made with the holders of the
bonds or in any way impair the rights or remedies of the
bondholders until the bonds, together with interest thereon,
with interest on any unpaid installments of interest, and all
costs and expenses in connection with any actions or proceed-
ings by or on behalf of the bondholders are fully met and dis-
charged.

 

clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
Session Laws, 1935
Volume 579, Page 755   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>


This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.


Tell Us What You Think About the Maryland State Archives Website!



An Archives of Maryland electronic publication.
For information contact mdlegal@mdarchives.state.md.us.

©Copyright  October 10, 2023
Maryland State Archives