Marvin Mandel, Governor                        1843

CHAPTER 660
(House Bill 762)

AN ACT to repeal and re-enact, with amendments, Section 402(a)
of Article 23 of the Annotated Code of Maryland (1966 Replace-
ment Volume), title "Corporations," subtitle "Cooperative Asso-
ciations," subheading "Electric Cooperatives," concerning electric
cooperatives obtaining certain loans without requiring approval
by a majority of their membership and exempting loans made to
electric cooperatives as regards the requirement of Art. 21, Sec.
30(b) concerning the oath and affirmation of the party secured.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 402(a) of Article 23 of the Annotated Code of Maryland
(1966 Replacement Volume), title "Corporations," subtitle "Cooper-
ative Associations," subheading "Electric Cooperatives," be and it
is hereby repealed and re-enacted, with amendments, to read as
follows:

402 (a).

The board of directors of a cooperative shall have full power and
authority, without authorization by the members thereof, to author-
ize the execution and delivery of a mortgage or mortgages or a deed
or deeds of trust of, or the pledging or encumbering of, any or all
of the property, assets, rights, privileges, licenses, franchises and
permits of the cooperative, whether acquired or to be acquired, and
wherever situated, as well as the revenues and income therefrom, all
upon such terms and conditions as the board of directors shall deter-
mine, to secure any indebtedness of the cooperative to the United
States of America or any agency or instrumentality thereof[.] ,
or to a national financing institution, organized on a cooperative
plan for the purpose of financing its members' programs, projects
and undertakings, in which the cooperative holds membership, and
provided further that such loans shall not be subject to the provisions
of Art. 21, Sec. 30(b).

Sec. 2. And be it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate preser-
vation of the public health and safety and having been passed by a
yea and nay vote supported by three-fifths of all the members elected
to each of the two Houses of the General Assembly, the same shall
take effect from the date of its passage.

Approved May 13, 1970.

CHAPTER 661
(House Bill 506)

AN ACT to repeal and re-enact, with amendments, Section 394A of
Article 43 of the Annotated Code of Maryland (1969 Supplement),
title "Health," subtitle "Water, Ice and Sewerage," amending the
laws concerning hearings for permits for a landfill refuge dis-