1490

LAWS OF MARYLAND

Ch. 514

Article — Commercial Law
9-403.1.

1.    THE PROVISIONS OF SECTION 9-403 OF THIS SUBTITLE
AS AMENDED BY CHAPTER 457 OF THE ACTS OF 1978 OF THE GENERAL
ASSEMBLY OF MARYLAND TO ESTABLISH A PERIOD OF EFFECTIVENESS
OF 12 YEARS FOR CERTAIN FINANCING STATEMENTS AND FOR
CONTINUATION STATEMENTS APPLY ONLY TO FINANCING STATEMENTS
AND CONTINUATION STATEMENTS FILED AFTER JUNE 30, 1978.

2.    A FINANCING STATEMENT OR CONTINUATION STATEMENT
FILED PRIOR TO JULY 1, 1978 IS EFFECTIVE FOR THE PERIOD
SPECIFIED UNDER THE PROVISIONS OF §9-403 OF THIS SUBTITLE AS
IN EFFECT PRIOR TO JULY 1, 1978.

3.    A CONTINUATION STATEMENT MAY BE FILED AFTER JUNE
30, 1978 WITH REFERENCE TO A FINANCING STATEMENT OR
CONTINUATION STATEMENT FILED PRIOR TO JULY 1, 1978, AT THE
TIMES SPECIFIED FOR THE FILING OF CONTINUATION STATEMENTS
UNDER SECTION 9-403(3) OF THIS SUBTITLE AS IN EFFECT PRIOR
TO JULY 1, 1978.

4- THE PROVISIONS OF §9-403(3) OF THIS SUBTITLE
ESTABLISHING A PERIOD OF EFFECTIVENESS OF 12 YEARS FOR A
TIMELY FILED CONTINUATION STATEMENT APPLY TO ANY
CONTINUATION STATEMENT FILED AFTER JUNE 30, 1978, REGARDLESS
OF THE DATE OF FILING OF THE ORIGINAL STATEMENT TO WHICH IT
RELATES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for
the immediate preservation of the public health and safety
and having been passed by a yea and nay vote supported by
three—fifths of all the members elected to each of the two
Houses of the General Assembly, the same shall take effect
from the date of its passage.

Approved May 29, 1979.

CHAPTER 515

(House Bill 21)

AN ACT concerning

Department Secretaries — Removal from Office

FOR the purpose of repealing the requirement that the
secretary of a principal department and others be given
a certain salary when removed from office by the
Governor under certain circumstances; applying this Act