966                               LAWS OF MARYLAND                        [CH. 596

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 31 of Article 31 of the Annotated Code of Maryland
(1951 Edition), title "Debt—Public", sub-title "Public Securities",
sub-heading "Negotiability of Public Indebtedness", be and the same
is hereby repealed and re-enacted with amendments to read as
follows:

Negotiability of Public Indebtedness.

31.    In all cases where this State or any county, municipal or
public corporation or other political sub-division thereof, or where
any instrumentality or agency of said State or of any county, mu-
nicipal or public corporation or other political sub-division thereof,
shall have issued and sold or may hereafter issue and sell, pursuant
to proper authority duly granted, securities which, by such authority
or by the resolution or ordinance providing for the same, are issued
subject to a separate indenture or agreement or are limited, as to the
payment of the principal and interest thereof, to the proceeds of the
collection of special assessments, tolls, rents, special taxes, or other
limited sources of revenue, or where such principal and interest are,
by such authority, resolution or ordinance, made payable only from
special fund established for that purpose, or where such issuer is
limited by law in the amount or rate of taxation which may be levied
or imposed for the purpose of paying such principal and interest,
or where provision is made for the registration of any such securities
as to both principal and interest, then, notwithstanding the provisions
[that the promise to pay contained in any such securities shall be
deemed to be conditional within the meaning of Section 21] of
Article 13 of [the] this Code, [of Public General Laws of Maryland,]
such securities shall nevertheless pass as negotiable instruments and
shall possess all the attributes thereof, but no more, as are possessed
by securities which any such issuer could or might be authorized to
issue on its full faith and credit, payable to bearer, secured as to
payment of principal and interest by its unlimited taxing power,
provided always that the securities herein referred to shall comply
in all other respects with the provisions of the negotiable instruments
law as the same appears in said Article 13.

SEC. 2. And be it further enacted, That Section 32 of Article 31
of the Annotated Code of Maryland (1951 Edition), title "Debt-
Public", sub-title "Public Securities", sub-heading "Conditions Upon
Sale of Public Securities" be and the same is hereby repealed and
re-enacted with amendments, to read as follows:

Conditions Upon Sale of Public Securities.

32.    The following terms, wherever used or referred to in this
sub-title, shall have the following meanings unless a different mean-
ing clearly appears from the context:

(a)   The term "public body" shall mean any county, [municipal
or] public corporation or other political subdivision of this State or
any instrumentality or agency of this State or of any county, [mu-
nicipal or] public corporation or other political sub-division thereof,
except that said term shall not be construed to include this State, the
Mayor and City Council of Baltimore, any municipal corporation
subject to the provisions of Article 11-E of the Constitution of this
State or any Housing Authority formed pursuant to the provisions
of Article 44A of the Code of Public General Laws of Maryland.

(b)   The term "bonds" shall mean bonds, interim certificates, rev-