518                                               LAWS OF MARYLAND                                  [Ch. 4

(B)                         BONDS DEEMED NEGOTIABLE

INSTRUMENTS.—NOTWITHSTANDING ANY OTHER PROVISION OF
THIS TITLE OR ANY RECITALS IN ANY BONDS AND NOTES
ISSUED HEREUNDER, ALL BONDS AND NOTES SHALL BE DEEMED
TO BE NEGOTIABLE INSTRUMENTS UNDER THE LAWS OF THE
STATE.

REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 12 (b) of
the Code.

(C)      FORM, REGISTRATION, RECONVERSION, AND
INTERCHANGE; REPLACEMENT OF LOST, MUTILATED OR
DESTROYED EONDS.—THE BONDS MAY BE ISSUED IN COUPON OR
IN REGISTERED FORM, OR BOTH, AND PROVISION MAY BE HADE
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. PROVISION MAY ALSO BE MADE FOR THE
REPLACEMENT OF BONDS WHICH BECOME MUTILATED OR ARE
LOST OR DESTROYED.

REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 12(c) of
the Code.

(D)   BONDS EXEMPT FROM ARTICLE 31, §§ 1 TO 12
INCLUSIVE.—THE BONDS AND NOTES ARE EXEMPT FROM THE
PROVISIONS OF ARTICLE 31, §§ 1 TO 12 OF THE CODE. THE
SERVICE MAY SELL ITS BONDS AND NOTES IN THE MANNER,
EITHER AT PUBLIC OR AT PRIVATE SALE, AND FOR THE PRICE
IT DETERMINES.

REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 12(d) of
the Code.

(E)    CONSENT OF STATE UNIT NOT REQUIRED FOR
ISSUANCE.—THE BONDS AND NOTES MAY BE ISSUED BY THE
SERVICE WITHOUT OBTAINING THE CONSENT OF ANY UNIT OF
THE STATE GOVERNMENT, AND WITHOUT ANY OTHER
PROCEEDINGS OR THE HAPPENING OF ANY OTHER CONDITIONS
OR THINGS THAN THOSE SPECIFICALLY REQUIRED HEREUNDER.

REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 12(e) of
the Code.

3-115. ADDITIONAL BONDS.