1212

LAWS OF MARYLAND

Ch. 462

business, all personal representatives, guardians,
trustees, and other fiduciaries, and all other persons
may legally and properly invest funds, including capital
in their control or belonging to them. The bonds are
securities which may properly and legally be deposited
with and received by any State or municipal officer or
any unit or political subdivision of the State for any
purpose for which the deposit of bonds or other
obligations of the State is authorized by law.

412.

(c) Immediately after appointment, the members of
the Authority shall enter upon their duties. The
Authority shall elect one of its members as chairman and
another as vice—chairman, and it shall also elect a
secretary-treasurer, who may or may not be a member of
the Authority. Seven members of the Authority constitute
a quorum. Action shall be by majority vote, each member,
including ex officio members, being entitled to one vote.
No vacancy in the Authority impairs the right of a quorum
to exercise all of the rights and perform all of the
duties of the Authority. The members of the Authority
shall be reimbursed for expenses incurred in the
performance of their duties in accordance with the
standard travel regulations. Members other than ex
officio may be paid such per diem compensation for their
services, not exceeding $1,000 each year, as the
Authority may establish. However, the reimbursement
SHALL be made and the compensation shall be paid solely
from funds provided under the authority of this subtitle.

468.

(b) The Authority has absolute discretion to
determine with respect to the bonds of any issue: (1) the
date and manner of issue including private sale; (2) the
date and amount of maturity, provided only that no bond
of any issue may mature later than 30 years from the date
of its issue; (3) the price to be paid for the bonds,
whether at above or below par, and the rate of interest
payable on the bonds and the dates of such payment; (4)
the form, denomination, manner of execution (which may be
by facsimile), the place of payment of the bonds, (which
may be at any bank or trust company within or without the
State) and the interest thereon; (5) whether the bonds or
any part of them are made redeemable before maturity and,
if so, the terms, conditions, and prices of the
redemption; and (6) any other matter relating to the
form, terms, conditions, [security issuance] SECURITY,
ISSUANCE, sale, delivery, replacement, and payment of the
bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 4, 1976.