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2797
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MARVIN MANDEL, Governor
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(I) IF THERE IS NO STOCK OUTSTANDING THE
NUMBER OF DIRECTORS MAY BE LESS THAN THREE BUT NOT LESS
THAN ONE; AND
(II) IF THERE IS STOCK OUTSTANDING AND SO
LONG AS THERE ARE LESS THAN THREE STOCKHOLDERS, THE
NUMBER OF DIRECTORS MAY BE LESS THAN THREE BUT NOT LESS
THAN THE NUMBER OF STOCKHOLDERS.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved May 26, 1977.
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CHAPTER 691
(Senate Bill 168)
AN ACT concerning
State Bond Issue for Renovation of Memorial Stadium
FOR the purpose of amending Chapter 598 of the Acts of
the Regular Session of the General Assembly of 1976
to provide that the funds under the "Memorial
Stadium Loan of 1975" are to be a grant to Baltimore
City and not a loan.
BY repealing and reenacting, with amendments,
Chapter 598 of the Acts of the General
Assembly of 1976
Section 5
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 5 of Chapter 598 of the Acts of
the General Assembly of 1976 be and it is hereby repealed
and reenacted, with amendments, to read as follows:
Chapter 598
5.
The actual cash proceeds of the sale of the bonds to
be issued under this Act shall be paid to the Treasurer
of the State upon the warrant of the Comptroller and such
proceeds shall be used exclusively for the following
purposes, to wit:
(1) The Comptroller, immediately upon the
sale of and payment for said bonds, first, shall return
to and credit the Treasury for a sum equivalent to the
amount expended under Section 4 of this Act.
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