436                                          LAWS OF MARYLAND                                            Ch. 22

THE OBLIGATIONS OF THE CORPORATION:

(1)    ARE NOT PAYABLE OUT OF ANY MONEY EXCEPT THAT OF
THE CORPORATION; AND

(2)   ARE NOT DEBTS OF THE STATE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the last clause
of Art. 43A, §5(b).

The only changes are in style.

18-1012. EXEMPTION FROM TAXATION.

(A)      CORPORATION.

THE PROPERTY, INCOME, OBLIGATIONS, AND ACTIVITIES OF
THE MARYLAND HIGHER EDUCATION LOAN CORPORATION SHALL BE
EXEMPT FROM ALL TAXES AND ASSESSMENTS.

(B)      SECURITIES.

THE STATE OF MARYLAND COVENANTS WITH THE HOLDERS OF THE
OBLIGATIONS AND NOTES ISSUED BY THE CORPORATION:

(1)   THAT THE CORPORATION WILL NOT BE REQUIRED TO
PAY ANY TAXES OR ASSESSMENTS ON ANY OF ITS PROPERTY OR
ACTIVITIES OR ON ANY MONEY, REVENUE, OR OTHER INCOME HELD
OR RECEIVED BY IT; AND

(2)    THAT THE     OBLIGATIONS AND NOTES OF     THE
CORPORATION AND THE INCOME   FROM THEM SHALL BE EXEMPT AT   ALL
TIMES FROM TAXATION, EXCEPT   FOR ESTATE AND GIFT TAXES      AND
TAXES ON TRANSFERS.

REVISOR'S NOTE: This section presently appears as Art.
43A, §10.

The only changes are in style.

18-1013. CORPORATION SUBJECT TO SUPERVISION OF BANK
COMMISSIONER; ANNUAL REPORTS.

(A)   IN GENERAL.

THE CORPORATION IS SUBJECT TO THE SUPERVISION AND
EXAMINATION OF THE BANK COMMISSIONER, BUT IS NOT:

(1)   A BANKING ORGANIZATION; OR

(2)   REQUIRED TO PAY A FEE FOR SUPERVISION OR
EXAMINATION.

(B)   ANNUAL REPORT.

THE CORPORATION SHALL MAKE AN ANNUAL REPORT OF ITS