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MARVIN MANDEL, Governor 119
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In subsection (b) of this section, the word
"may" is substituted for the phrase "shall
have absolute discretion to" for reasons
analogous to those set forth in the revisor's
note to §3—201 of this article.
The only other changes are in style.
As to the issuance of "revenue bonds of prior
issues", referred to in subsection (a) of this
section, see revisor's note to §4—101(g) of
this title and General Revisor's Note to Title
3 of this article.
4-303. EXECUTION OF BONDS.
(A) MANNER OF EXECUTION.
(1) REVENUE BONDS ISSUED UNDER THIS SUBTITLE
SHALL BE EXECUTED ON BEHALF OF THE AUTHORITY BY THE
MANUAL SIGNATURE OF AT LEAST ONE AUTHORIZED INDIVIDUAL.
(2) OTHER SIGNATURES ON THE BONDS MAY BE
EITHER MANUAL OR FACSIMILE.
(B) EFFECT OF SIGNATURE BY FORMERLY AUTHORIZED
INDIVIDUAL.
IF AN INDIVIDUAL WHOSE MANUAL OR FACSIMILE
SIGNATURE APPEARS ON ANY BOND OR COUPON ISSUED UNDER THIS
SUBTITLE CEASES TO SERVE IN AN AUTHORIZED CAPACITY BEFORE
THE DELIVERY OF THE BOND, THE SIGNATURE NEVERTHELESS IS
AS VALID AND SUFFICIENT FOR ALL PURPOSES AS IF THE
INDIVIDUAL HAD REMAINED IN THAT CAPACITY UNTIL DELIVERY
OF THE BOND.
REVISOR'S NOTE: Subsection (a) of this section is
new language derived from the parenthetical
material of Art. 94A, §12(b)(iv), Subsection
(b) of this section presently appears as Art.
94A, §13(a).
Subsection (a) of this section has been
revised to require at least one Manual
signature. This reflects actual practice
adopted to prevent possible fraud, and
conforms with the similar requirements of
§3-204 of this article.
The only other changes are in style.
The introductory language of present §13,
which states that this subtitle applies to
"any and all" revenue bonds, is deleted as
misleading since this subtitle applies only to
revenue bonds issued by the Authority under
this subtitle, and does not apply to "revenue
bonds of prior issue".
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