HARRY W. NICE, GOVERNOR. 855

General Laws of Maryland, 1924 Edition, title "Debt-
Public, " said new sub-title to be known as "Sinking Fund
Investments, " and said new section to be known as Section
5, to follow immediately after Section 4 of said Article, and
to read as follows:

5. Whenever any Treasurer or other authorized financial
officer of any county, municipal or public corporation, spec-
ial district and/or political sub-division of this State, who
is or shall be entrusted with the duty of investing the sink-
ing funds or other funds accumulated or to be accumulated
for the retirement of the debts or other obligations of such
county, municipal or public corporation, special district and/
or political sub-division, shall at any time hereafter be re-
quired by the terms of any general or local law of this State
to invest any portion of such funds in his custody, it shall
be his duty to invest the same in the following classes of
securities: (a) The bonds or other obligations for the re-
tirement of which said sinking fund is or shall be created;
(b) The bonds, stock, or other valid obligations of this
State or of any county, municipal or public corporation,
special district and/or political sub-division of this State;
(c) The bonds or other obligations of the United State of
America, United States Treasury Certificates, bonds of any
public corporation, or other body, guaranteed as to payment
of principal and interest by the United States of America.
Provided, that in the event any such Treasurer
or other financial officer shall purchase any of the
above described securities at a premium, then it shall
be his duty to make such adjustments out of the interest
received from such security so purchased as shall reimburse
any sinking fund in his custody for the premium so paid
prior to the maturity of the security so purchased, and pro-
vided finally that such of the securities so purchased as are
registerable shall be registered in the name of said Treas-
urer or other authorized financial officer, officially, as held
by him for the purpose for which said securities shall be
purchased.

SEC. 2. And be it further enacted, That all public gen-
eral or public local laws of this State inconsistent with the
provisions of this Chapter are hereby repealed to the ex-
tent of such inconsistency.

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

Approved May 17, 1935.