HARRY HUGHES, Governor

2071

Annotated Code of Maryland

(1975 Replacement Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 25 - County Commissioners

232.

(g) The foundation is exempt from the provisions of
bank licensing acts[, including Article 11, § 166; Article
49, § 5 (b); and Article 58A] AND FROM THE PROVISIONS OF
TITLE 11, SUBTITLES 2 AND 3 OF THE FINANCIAL INSTITUTIONS
ARTICLE.

Article 31 - Debt - Public

8.

In all cases where this State or any county, municipal
or public corporation or other political subdivision
thereof, or where any instrumentality or agency of said
State or of any county, municipal or public corporation or
other political subdivision thereof, shall have issued and
sold or may hereafter issue and sell, pursuant to proper
authority duly granted, securities which, by such authority
or by the resolution or ordinance providing for the same,
are issued subject to a separate indenture or agreement or
are limited, as to the payment of the principal and interest
thereof, to the proceeds of the collection of special
assessments, tolls, rents, special taxes, or other limited
sources of revenue, or where such principal and interest
are, by such authority, resolution or ordinance, made
payable only from some special fund established for that
purpose, or where such issuer is limited by law in the
amount or rate of taxation which may be levied or imposed
for the purpose of paying such principal and interest, or
where provision is made for the registration of any such
securities as to both principal and interest, then,
notwithstanding the provisions of [Article 13 of this Code]
THE COMMERCIAL LAW ARTICLE, AS TO NEGOTIABLE INSTRUMENTS,
such securities shall nevertheless pass as negotiable
instruments and shall possess all the attributes thereof,
but no more, as are possessed by securities which any such
issuer could or might be authorized to issue on its full
faith and credit, payable to bearer, secured as to payment
of principal and interest by its unlimited taxing power,
provided always that the securities herein referred to shall
comply in all other respects with [the] THOSE provisions [of
the] AS TO negotiable instruments [law as the same appears
in said Article 13].

Article 41 - Governor - Executive and
Administrative Departments