118                               LAWS OF MARYLAND                        [CH. 115

diately after the sale the sheriff shall pay over to the treasurer the
amount due on the tax bill if that much is realized from the sale;
and any surplus which may remain after the payment of taxes,
interest and costs shall be paid by the sheriff to the delinquent tax-
payer. The sheriff's bond is liable for all such taxes placed in his
hands by the treasurer, to the same extent and in the same manner
that it is liable for execution claims issued to him.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1965.

Approved March 11, 1965.

CHAPTER 115
(Senate Bill 184)

AN ACT to repeal and re-enact, with amendments, Sections 5 (a),
5 (b), 5 (c), 6 and 7 (a) of Article 43A of the Annotated Code
of Maryland (1964 Supplement), title "Higher Education Loan
Program", making loans to part-time students discretionary with
the board of directors of Maryland Higher Education Loan Corpor-
ation; clarifying both the board's power to receive property or
money from any source, including governmental appropriation,
and its power to enter contracts to provide for the creation or ad-
ministration of loans or to facilitate the loan program; clarifying
that the maximum interest charged shall be six per centum per
annum; and granting the board power by rule or regulation to fix
the terms of repayment of student loans made or guaranteed by
the corporation.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 5 (a), 5 (b), 5 (c), 6 and 7 (a) of Article 43A of the
Annotated Code of Maryland (1964 Supplement), title "Higher Edu-
cation Loan Program", be and they are hereby repealed and re-
enacted, with amendments, to read as follows:

5. (a) To lend money, upon such terms and conditions as the
board may prescribe, within the limitations contained in this article,
to persons who are residents of this state and who are attending or
plan to attend colleges in this state or elsewhere, to assist them in
meeting their expenses of higher education; provided, however, that
no such person shall receive any loan or loans in excess of one thou-
sand dollars for any school year and that no such person shall receive
a total of more than five thousand dollars, and to guarantee the loan
of money, upon such terms and conditions as the board may pre-
scribe, within the limitations contained in this article, to persons who
are residents of the state and who are attending or plan to attend
colleges in this state or elsewhere, to assist them in meeting their
expenses of higher education; provided, however, that no loan to such
a person shall be guaranteed to an amount in excess of one thousand
dollars for any school year and that the total loan to such a person
shall not be guaranteed in an amount of more than five thousand dol-
lars. Students who are attending or plan to attend colleges on a part-