THEODORE R. MCKELDIN, GOVERNOR 691

Public", said new Section to be known as Section 1A and
to follow immediately after Section 1 of said Article, re-
lating to bids on an all or none basis for certificates of
indebtedness of State loans.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That a new Section be and it is hereby added to Article 31
of the Annotated Code of Maryland (1939 Edition), title
"Debt—Public", said new Section to be known as Section
1A and to follow immediately after Section 1 of said Arti-
cle, and to read as follows:

1 A. Whenever there shall be issued simultaneously cer-
tificates of indebtedness of two or more State loans or in-
stalments thereof, bidders therefor shall be permitted, in
the discretion of the Board of Public Works or other issu-
ing authority, to bid for the same on an all or none basis on
all or any combination thereof by submitting a separate
bid for each loan or instalment thereof and specifying
therein that such bid is conditioned upon acceptance of
companion bids for all or any combination of other loans
or instalments thereof being simultaneously issued; and,
in the event that such an all or none bid will, if accepted,
produce for the State a greater yield than the highest in-
dividual bids for each of the two or more State loans or
instalments thereof, the Board of Public Works or other
issuing authority shall accept such an all or none bid, not-
withstanding that one or more of the bids for each loan or
instalment thereof comprising part of the all or none bid,
if accepted separately, would afford to the State a lesser
yield than an individual bid for such loan or instalment
thereof not a part of a bid on an all or none basis. The pro-
visions of this Section shall apply only to loans authorized
on and after June 1, 1951, and shall have such application
notwithstanding any provision contained in the Act au-
thorizing such a loan unless such Act specifically exempts
by reference to Section and Article the loan to be issued
thereunder from the provisions of this Section.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1951.

Approved March 31, 1951.