994                               Laws of Maryland                       [Ch. 602

holding any such office ceases to be a director he shall cease to hold
such office. The offices of secretary and of treasurer may be held
by the same person.] The directors shall elect annually from their
own number a president and one or more vice-presidents. They shall
also elect a secretary and a treasurer, who need not be directors or
members and they may combine the two latter offices and designate
the combined office as secretary-treasurer. The board of directors
may also elect or appoint such other officers, agents, or employees as
it deems necessary or advisable and shall prescribe their powers and
duties. Any officer may be removed from office and his successor
elected in the manner prescribed in the by-laws.

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

Approved April 10, 1957.

CHAPTER 602

(House Bill 498)

AN ACT to repeal Section 162 B-1 of Article 89B of the Annotated
Code of Maryland (1956 Supplement) title "State Roads", sub-title
"State Highway Construction Bonds, Second Issue", and to enact
a new Section 162 B-1 to stand in the place and stead of the Sec-
tion 162 B-1 so repealed, providing for the issuance of bonds to pay
the construction and reconstruction costs of the State Roads Com-
mission Twelve Year Program of Construction and Reconstruc-
tion; providing that Seven Million ($7,000,000) Dollars in bonds
may be issued to pay the cost of acquiring the rights of way for
the circumferential highway around Baltimore City; providing that
bonds in an amount not to exceed One Million Five Hundred Thou-
sand ($1,500,000) Dollars may be issued annually for certain
emergency and other projects and relating to the nature and
character of said emergency and other projects; providing that the
State Roads Commission shall at no one time issue bonds in excess
of Twenty-Five Million ($25,000,000) Dollars and shall issue no
bonds until the balance in the Construction Fund is below Twenty-
Five Million ($25,000,000) Dollars; providing that the Commission
make certain reports to the Governor and the General Assembly;
providing that the General Assembly may make revision of the
said program from time to time under certain conditions; providing
that the Commission may issue certain bonds to finance certain
re-programming of construction or reconstruction; providing for
the issuance of bonds authorized but not issued during any previous
four program year period; providing that the Commission may is-
sue during the second and third four year program periods bonds
to finance the cost of completing any incomplete program mileage of
a prior four year program period; providing for the issuing of
bonds to provide State participating funds for certain Federal

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.