1194 LAWS OF MARYLAND. [CH. 492

54. Each county and each incorporated city or town
and taxing district within this State selecting the calendar
year as its period for reporting fiscal transactions shall on
or before January 1, 1950, adopt and maintain the uniform
system of financial reporting established for its grade by
the Maryland Commission on Uniform Accounts as pro-
vided in this sub-title. Each County and each incorporated
city or town and taxing district within this State selecting
the period beginning with the first of July and ending with
the thirtieth of June as its period for reporting fiscal
transactions shall, on or before July 1, 1950, adopt and
maintain the uniform system of financial reporting estab-
lished for its grade by the Maryland Commission on Uni-
form Accounts as provided in this sub-title.

55. Each county, incorporated city or town and taxing
district, shall within ninety (90) days after the close of
the fiscal year selected by it as provided by Section 49
of this Article, file with the State Comptroller and with
the Director of the State Fiscal Research Bureau, its
financial report covering the full period of each such fiscal
year. Such report shall be properly filled in on the form
or forms established by the Maryland Commission on
Uniform Accounts as provided in this sub-title and shall
be verified by the chief executive officer of each county,
incorporated city or town and taxing district.

56. Should any county or any incorporated city or town
or taxing district situated within this State fail or refuse
to adopt or to continue in use the uniform system of
municipal financial reporting applicable to it as pro-
vided in this sub-title, the Comptroller shall be author-
ized to order the discontinuance of payment of all funds,
grants or State aid to which said county, incorporated city
or town or taxing district is entitled to receive under State
law. This section shall have specific reference to all funds,
grants or State aid to which said county, incorporated
city or town or taxing district is entitled to receive under
applicable provisions of State law relating to the income
tax, the tax on racing, the recordation tax, the tax on
amusements and the license tax.

58. After the adoption of the uniform system of
financial reporting as required by Section 54 of this sub-
title, each county, incorporated city or town and taxing
district situated within this State having a total popu-
lation of 2, 500 persons or more, as determined by the
most recent Federal census, shall have its books, accounts,
records and reports examined at least once during each