Marvin Mandel, Governor                       1137

631H. Provisions Applicable to Bonds.

(a)    Form. The Commission shall determine the form of the
bonds of each series issued under the provisions of this subheading,
including any interest coupons to be attached thereto, the date of the
bonds, the denomination or denominations of the bonds, and the
place or places of payment of principal and interest, which may be
at any bank or trust company within or without the State of Mary-
land. The bonds of each of these series may be made redeemable
before their maturity or maturities, at the option of the Commission,
at the price or prices and under the terms and conditions as may be
fixed by the Commission prior to the issuance of the bonds.

(b)    Same; signatures, negotiability. In case an officer whose
signature or a facsimile of whose signature shall appear on any
bonds or coupons shall cease to be such officer before the delivery of
the bonds, that signature or facsimile shall nevertheless be valid and
sufficient for all purposes the same as if he had remained in office
until such delivery. Notwithstanding any other provision of this
subheading or any recitals in any bonds issued under the provisions
of this subheading, all of those bonds shall be deemed to be negotiable
instruments under the laws of the State. The bonds may be issued in
coupon or in registered form or both, as the Commission may deter-
mine, and provision may be made for the registration of any coupon
bonds as to principal alone and also as to both principal and interest,
for the reconversion into coupon bonds of any bonds registered as to
both principal and interest, and for the interchange of coupon and
registered bonds.

(c)    Price. The bonds of each series issued under the provisions
of this subheading shall be exempt from the provisions of Sections
9,10 and 11 of Article 31 of the Annotated Code of Maryland (1957
Edition, as amended), and the Commission may sell those bonds in
a manner, either at public or private sale, and for such price as it
may determine, but no sale of revenue bonds shall be made at a price
so low as to require the payment of interest on the money received
therefor at more than the then prevailing interest rates, computed
with relation to the absolute maturity of the bonds in accordance
with standard tables of bond values, excluding, however, from the
computation the amount of any premium to be paid on redemption
of any bonds prior to maturity.

(d)    Temporary bonds. Prior to the preparation of definitive
bonds, the Commission may, under like restrictions, issue interim
receipts or temporary bonds, with or without coupons, exchangeable
for definitive bonds when those bonds shall have been executed and
are available for delivery. The Commission may also provide for the
replacement of any bonds which shall become mutilated or shall be
destroyed or lost.

(e)    Issue. Bonds may be issued by the Commission under the
provisions of this subheading without obtaining the consent of any
department, division, commission, board, bureau or agency of the
State, and without any other proceedings or the happening of any
other conditions or things than those proceedings, conditions or
things which are specifically required by this law.