Marvin Mandel, Governor                        1227

their number a director of the St. Mary's City Commission, to
serve as executive secretary of the Commission and to direct and
administer the activities of the Commission subject to the di-
rection and control of the Commissioners and the Secretary of Eco-
nomic and Community Development. The director shall serve at
such salary as may be determined by the Commission, subject to ap-
proval by the Secretary of the Department of Economic and Com-
munity Development. The Commission may employ other persons
at such salaries as it may determine, subject to the approval by the
Secretary of the Department of Economic and Community Develop-
ment. The director and other employees of the Commission are not
subject to the provisions of Article 64A of this Code, title "Merit
System," and they may be appointed and removed by the [Commis-
sion] Secretary of the Department of Economic and Community
Development from time to time. The director and each other officer
and employee of the Commission, at the election of each individual,
may become a member of the State Employees' Retirement System
and be subject fully to the provisions of Article 73B of this Code,
title "Pensions."

(b)    The Commission from time to time shall elect one of their
number to serve as vice-chairman. In the absence of the chairman,
the vice-chairman shall assume the duties of that office.

(c)    The Commission from time to time shall elect one of their
number to serve as treasurer. The treasurer shall be a responsible
person and shall receive and account for such funds of the Commis-
sion as come into his custody. He shall, upon entering the duties
of his office, be covered by a surety bond in accordance with the
provisions of Sections 46 through 50 of Article 78A of the Annotated
Code of Maryland.

374.

The Commission, subject to approval of the Secretary of the De-
partment of Economic and Community Development, may procure,
sell, convey, assign, lease, or otherwise purchase, transfer, or dis-
pose of any property acquired or held by it and enter into any con-
tracts incident thereto, including but not limited to the authority
to lease properties for residential or commercial use, for such term
and such conditions as the Commission deems appropriate; except
that leases made by the Commission shall be in immediate further-
ance of the purposes of the Commission and not merely for invest-
ment purposes; and except that valuable lands and buildings trans-
ferred to the Commission by the State or purchased by the Com-
mission with funds provided by the State shall not be conveyed
or disposed of without the approval of the Board of Public Works.
For the purposes of this section the term valuable shall mean any
property or thing in excess of $5,000.00 in value.

Sec. 4. And be it further enacted by the General Assembly of
Maryland, That Sections 266K, 266M(a), (c), (e), 266N, 266P,
266V, 266Z(a) of Article 41 of the Annotated Code of Maryland
(1957 Edition, 1965 Replacement Volume, 1969 Supplement) title
"Governor—Executive and Administrative Departments," subtitle
"Department of Economic Development," subheading "Maryland
Industrial Development Financing Authority Act" be and the same
are hereby repealed and re-enacted, with amendments, to be under