HARRY HUGHES, Governor

667

SHALL BE MADE BY SERVICE ON THE EXECUTIVE DIRECTOR OF THE
AUTHORITY, EITHER IN PERSON OR BY LEAVING A COPY OF THE
PROCESS AT THE OFFICE OF THE EXECUTIVE DIRECTOR WITH THE
INDIVIDUAL IN CHARGE OF THE OFFICE.

REVISOR'S NOTE: This section presently appears as the
last clause of Art. 41, § 266P(4).

The term "executive director" is substituted for
references to the "manager". See revisor's note
to § 13-110 of this subtitle.

The only other changes are in style.

13-117. RESERVED.

13-118. RESERVED.

13-119. RESERVED.

PART III. INDUSTRIAL PROJECT MORTGAGE INSURANCE FUND.

13-120. FUND ESTABLISHED.

THERE IS AN INDUSTRIAL PROJECT MORTGAGE INSURANCE FUND.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first clause
of Art. 41 § 266S(a).

It is set forth as a separate section for
emphasis.

13-121. PURPOSE OF FUND.

THE AUTHORITY SHALL USE THE FUND AS A NONLAPSING,
REVOLVING FUND, FOR CARRYING OUT THE PROVISIONS OF THIS
SUBTITLE.

REVISOR'S NOTE: This section presently appears as the
last clause of the first sentence of Art. 41, §
266S(a).

The only changes are in style.

13-122. COMPOSITION; USES.

(A) COMPOSITION OF FUND.

THE AUTHORITY SHALL CREDIT TO THE FUND ALL OF THE
RECEIPTS OF THE AUTHORITY, INCLUDING:

(1)   ANY UNEXPENDED BALANCE OF APPROPRIATIONS
MADE IN THE STATE BUDGET FOR THE FUND THROUGH THE FISCAL
YEAR ENDING JUNE 30, 1970;

(2)   MORTGAGE INSURANCE PREMIUMS;