HERBERT R. O'CONOR, GOVERNOR. 1789

thereto shall have been liquidated or redeemed or all defaults
cured, whereupon said Mayor and Council shall be reinstated
in the title to or possession of said municipal electric light
and power system, and said contract, mortgage, conveyance,
trust indenture or ordinance shall further contain a provision
that such person so taking possession of said municipal elec-
tric light and power system shall have no right to sell or
otherwise dispose of the same to any other person, corpora-
lion or utility for the purpose of liquidating the obligations
of the Mayor and Council with respect thereto, unless and
until the consent of the Mayor and Council shall have been
first obtained upon such terms and conditions as the Mayor
and Council shall prescribe in the form of a franchise granted
in accordance with law. Subject to the foregoing1, any such
contract, mortgage, conveyance, trust indenture or ordinance
may contain such provisions for protecting arid enforcing
the rights and remedies of the holders of any such revenue
notes, bonds or certificates as may be reasonable and proper
and not in violation of law, including covenants setting
forth the duties of the Mayor and Council in relation to the
establishment, construction, improvement, maintenance, opera-
tion, repair and insurance of said municipal electric light
and power system, and the custody, safeguard and applica-
tion of all moneys. It shall be lawful for any bank or trust
company incorporated under the laws of the State of Mary-
land to act as depositary of any such moneys and to furnish
such indemnifying bonds or to pledge such securities as may
he required by the Mayor and Council to secure the same,
and it shall also be lawful for any such bank or trust com-
pany to act as trustee, mortgagee, agent or otherwise with
respect to any such contract, mortgage, conveyance, trust
indenture or ordinance. Such contract, mortgage, convey-
ance, trust indenture or ordinance may set forth the rights
and remedies of the noteholders, bondholders, or certificates
holders and of said trust company and may restrict the in-
dividual right of action of any of such noteholders, bondhold-
ers or certificate holders as is customary in trust indentures
securing bonds and debentures of corporations. In addition
to the foregoing, such contract, mortgage, conveyance, trust
indenture or ordinance may contain such other provisions
as the Mayor and Council may deem reasonable and proper
for the security of said noteholders, bondholders and certi-
ficate holders, and all expenses incurred in carrying out any
such contract, conveyance, trust indenture or ordinance may
be treated as part of the cost of maintenance, operation and
repairs of said municipal electric light and power system
affected thereby. Subject to the foregoing limitations, any
mortgage or deed of trust executed by the Mayor and Council