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83
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MARVIN MANDEL, Governor
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(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 CONSOLIDATED TRANSPORTATION
BOND OR COUPON 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 without substantive
change from the parenthetical material of Art.
94A, §4(b)(iv). Subsection (b) of this
section presently appears as Art. 94A, §5(a).
The only changes are in style.
3-205. BONDS AND OTHER EVIDENCES OF OBLIGATION ARE
INVESTMENT SECURITIES.
NOTWITHSTANDING ANY OTHER PROVISION OF LAW OR ANY
RECITALS IN THE INSTRUMENTS, THE BONDS, NOTES, AND OTHER
EVIDENCES OF OBLIGATION ISSUED UNDER THIS SUBTITLE ARE
INVESTMENT SECURITIES UNDER THE LAWS OF THIS STATE.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §5(b).
The present statutory statement that the bonds
are "negotiable instruments" has been changed
to provide that they are "investment
securities". Under the Uniform Negotiable
Instruments Lav — at one time codified as Art.
13, §§15 through 211 - it was correct to
provide that bonds were "negotiable
instruments". Nevertheless, with the adoption
of the Uniform Commercial Code, it is no
longer appropriate to refer to these bonds as
negotiable instruments under Maryland law
(see, CL §§3-103(1) and 3-104(1)(b)).
Instead, under Title 8 of the U.C.C., the
appropriate term is "investment securities"
(see, CL §8-102(1)). No substantive change
results from this substitution.
Reference, to "notes, and other evidences of
obligation" is inserted to conform to the
language of §3-201 of this subtitle; see
revisor's note to that section.
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The only other changes are in style.
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