THEODORE R. MCKELDIN, GOVERNOR 1295

(l) The term "project" shall mean any water system,
sewer system and any combination or part or parts thereof
owned, constructed or operated by an Authority under the
provisions of this sub-title.

410B. The governing body of a municipality may, by
ordinance or resolution, or the governing bodies of two or
more municipalities may by ordinances or resolutions,
signify their intention to create an Authority to acquire,
construct, reconstruct, extend, repair, improve, maintain
and operate a project under an appropriate name and title,
containing the word "Authority", which shall be a public
body politic and corporate.

Each such ordinance or resolution shall include articles
of incorporation which shall set forth:

(a) The name of the "Authority".

(b) A statement that such Authority is formed under
this sub-title.

(c) The name of the incorporating municipality or
municipalities.

(d) The names, addresses and terms of office of the first
members of the Board of said Authority, AND IF THE
GOVERNING BODY OF THE MUNICIPALITY DETER-
MINES THAT ITS MEMBERS SHALL CONSTITUTE
THE BOARD OF SAID AUTHORITY, A STATEMENT
TO THAT EFFECT.

(e) The purpose or purposes for which the Authority
is to be created or is created.

Said articles of incorporation shall be executed by each
incorporating municipality by its proper officers and shall
be filed with the State Tax Commission which shall receive
the same and endorse thereon the date and time of such
receipt. If the Chairman or the Secretary of said Com-
mission finds that the articles of incorporation conform
to law he shall forthwith endorse his approval thereon and
issue a certificate of approval to which shall be attached a
copy of the approved articles. Upon the issuance of such
certificate of approval by the Chairman or the Secretary
of said Commission the corporate existence of said Au-
thority shall begin and thereupon such Authority shall be
conclusively deemed to have been lawfully and properly
created and established and authorized to exercise its
powers under this sub-title. Promptly thereafter the
said Commission shall record said articles of incorporation,
together with the endorsements thereon, in a book to be
kept for that purpose.