THEODORE R. MCKELDIN, GOVERNOR 365

repealed and re-enacted, with amendments, to read as fol-
lows:

40. 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] pro-
vided for its grade by the [Maryland Commission on Uni-
form Accounts as provided in this sub-title] State Fiscal
Research Bureau. [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. ]

41. Each county, incorporated city or town and taxing
district shall within [ninety (90)] one hundred and twenty
(120) days after the close of the fiscal year selected by it
as provided by Section 35 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] State Fis-
cal Research Bureau 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.

42. 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 muni-
cipal financial reporting applicable to it as provided in
this sub-title, the Comptroller, after notification by the Di-
rector of the State Fiscal Research Bureau, of such failure
or refusal shall be authorized 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 en-
titled to receive under State law. This section shall have spe-
cific reference to all funds, grants or State aid [to] which
said county or 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 re-
cordation tax, the tax on amusements and the license tax.