1036                             Laws of Maryland                       [Ch. 634

Trustee", to follow immediately after Section 295 thereof, pro-
viding that certain trusts heretofore or hereafter created be ex-
empt from any law or rule against perpetuities.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 295A be and it is hereby added to Article 16 of the
Annotated Code of Maryland (1951 Edition), title "Chancery", sub-
title "Trustee", to follow immediately after Section 295 of said Article
and to read as follows:

295A. No trust heretofore or hereafter created by an employer as
part of a pension, stock bonus, disability, death benefit, profit-sharing,
retirement, welfare or other plan for the exclusive benefit of some or
all of the employees of such employer or their beneficiaries, to which
contributions are made by the employer or employees, or both the
employer and employees, for the purpose of making distributions to
or for the benefit of employees or their beneficiaries out of the income
or principal or both the income and principal of such trust, or for any
other purposes set out in such plan, shall be held to be invalid or un-
enforceable as a violation of a rule against perpetuities.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1957.

Approved April 10, 1957.

CHAPTER 634
(House Bill 616)

AN ACT to authorize and empower the County Commissioners for
Prince George's County, from time to time, to borrow not exceed-
ing Fifteen Million Dollars ($15,000,000.00) in order to finance
the construction, acquisition, improvement or extension of public
schools in said County, as herein defined, and to effect such bor-
rowing by the issuance and sale to the highest bidder or bidders at
public sale of its general obligation, serial maturity coupon bonds
in like par amount; empowering said County to fix and determine,
by resolution, the form, tenor, interest rate or method of arriving
at the same, terms, including redemption and registration pro-
visions, conditions, maturities and all other details incident or
necessary to the issuance, public sale and delivery of said bonds,
without reference to any other law heretofore enacted; prescribing
the method and manner of selling said bonds at public sale; em-
powering said County, subject to certain limitations, to sell said
bonds at, above or below the par value thereof; empowering said
County to refund any of said bonds purchased or redeemed in ad-
vance of maturity; empowering and directing said County to apply
to the payment of principal and interest of said bonds and said re-
funding bonds any funds received from the State of Maryland and

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.