1902

LAWS OF MARYLAND

Ch. 458

Commissioners for cause. The Authority shall elect one of
its members as Chairman, one as Vice-chairman, one as
Treasurer, and one as Secretary. The secretary and
treasurer shall be bonded as the Authority directs. Five
members of the Authority constitute a quorum, but in any
case action may not be taken by an affirmative vote of less
than four members. A vacancy in the membership of the
Authority does not impair the right of the quorum to
exercise all rights and perform all the duties of the
Authority. All members of the Authority may be reimbursed
for their actual expenses incurred in the performance [in]
OF their duties.

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 12, 1981.

CHAPTER 459

(House Bill 1583)

AN ACT concerning

Housing Authorities - Bonds Issued

FOR the purpose of deeming bonds issued by an authority to
be negotiable under the Uniform Commercial Code and
declaring bonds issued by an authority to be legal
investments for certain persons and to be proper
securities for deposit with the State for certain
purposes.

BY adding to

Article 44A - Housing Authorities

Section 15(d) and (e)

Annotated Code of Maryland

(1980 Replacement Volume and 1980 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be repealed, amended, or enacted to read as follows: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 44A - Housing Authorities

15.