1404                              LAWS OF MARYLAND                       [CH. 869

parties, savings and loan associations, investment companies and
others carrying on a banking business, all insurance companies and
insurance associations and others carrying on an insurance business,
all administrators, executors, guardians, trustees and other fidu-
ciaries, and all other persons may legally and properly invest funds,
including capital in their control or belonging to them. Such bonds
are hereby made securities which may properly and legally be de-
posited with and received by any officer of any signatory, or of any
agency or political subdivision of any signatory, for any purpose for
which the deposit of bonds or other obligations of such signatory
is now or may hereafter be authorized by law.

317-42. Validation Proceedings—

Prior to the issuance of any bonds, the Board may institute a
special proceeding to determine the legality of proceedings to issue
the bonds and their validity under the laws of any of the signatory
parties. Such proceeding shall be instituted and prosecuted in rem
and the final judgment rendered therein shall be conclusive against
all persons whomsoever and against each of the signatory parties.

317-43. Recording—

No indenture need be recorded or filed in any public office, other
than the office of the Board. The pledge of revenues provided in any
indenture shall take effect forthwith as provided therein and irre-
spective of the date of receipt of such revenues by the Board or the
indenture trustee. Such pledge shall be effective as provided in the
indenture without physical delivery of the revenues to the Board
or to the indenture trustee.

317-44. Pledged Revenues—

Bond redemption and interest payments shall, to the extent pro-
vided in the resolution or indenture, constitute a first, direct and
exclusive charge and lien on all revenues received from the use and
operation of the facility, and on any sinking or other funds created
therefrom. All such revenues, together with interest thereon, shall
constitute a trust fund for the security and payment of such bonds
and except as and to the extent provided in the indenture with respect
to the payment therefrom of expenses for other purposes including
administration, operation, maintenance, improvements or extensions
of the facilities or other purposes shall not be used or pledged for
any other purpose so long as such bonds, or any of them, are out-
standing and unpaid.

317-45. Remedies—

The holder of any bond may for the equal benefit and protection
of all holders of bonds similarly situated: (1) by mandamus or other
appropriate proceedings require and compel the performance of any
of the duties imposed upon the Board or assumed by it, its officers,
agents or employees under the provisions of any indenture, in con-
nection with the acquisition, construction, operation, maintenance,
repair, reconstruction or insurance of the facilities, or in connection
with the collection, deposit, investment, application and disburse-
ment of the revenues derived from the operation and use of the
facilities, or in connection with the deposit, investment and disburse-
ment of the proceeds received from the sale of bonds; or (2) by