SPIRO T. AGNEW, Governor                      1237

subject to the restrictions and requirements set forth herein. The
County may, by appropriate resolution, provide for the replacement
of any bonds issued hereunder which shall have become mutilated or
be destroyed or lost upon such conditions and after receiving such
indemnity as the County may think it proper and necessary to
stipulate and require.

Sec. 9. And be it further enacted, That any and all obligations
issued pursuant to the authority of this Act, their transfer, the
interest payable thereon, and the income derived therefrom in the
hands of the holders thereof from time to time (including any
profit made in the sale thereof) shall be and is hereby declared to be
at all times exempt from taxation of every kind and nature whatso-
ever by the State of Maryland or by any of its political subdivisions,
or by any town or incorporated municipality or by any other public
agency within the State of Maryland.

Sec. 10. And be it further enacted, That the authority to borrow
money and issue bonds conferred on the County by this Act shall be
deemed to provide an additional and alternative authority for
borrowing money and shall be regarded as supplemental and addi-
ditional to powers conferred upon the County by other laws and shall
not be regarded as in derogation of any power now existing; and all
Acts of the General Assembly of Maryland heretofore passed
authorizing the County to borrow money are hereby continued to the
extent that the powers contained in such Acts have not heretofore
been exercised, and nothing herein contained shall be construed to
impair, in any way whatsoever, the validity of any bonds which
may have been issued by the County under the authority of any of
said Acts, and the validity of said bonds is hereby ratified, confirmed
and approved. This Act, being necessary for the welfare of the
inhabitants of Prince George's County, shall be liberally construed
to effect the purposes hereof. All Acts and parts of Acts inconsistent
with the provisions of this Act are hereby repealed to the extent of
such inconsistency.

Sec. 11. And be it further enacted, That this Act shall take effect
June 1, 1967.

Approved April 21, 1967.

CHAPTER 602
(House Bill 612)

AN ACT to repeal and re-enact, with amendments, Section 425 of
Article 48A of the Annotated Code of Maryland (1964 Replace-
ment Volume), title "Insurance Code," subtitle "24. Group Term
Life Insurance," raising the maximum amount of group term
life insurance allowed to be issued through an employer or labor
union and providing that violation of the provisions of this sec-
tion do not constitute a defense to any claim filed on such life
insurance policies.