HARRY HUGHES, Governor

3095

(2) THE AUTHORITY MAY ESTABLISH, CONTRACT FOR,
CHARGE AND COLLECT ANY AMOUNT OR RATE OF INTEREST OR
COMPENSATION WITH RESPECT TO AUTHORITY LOANS AND
PARTICIPATING INSTITUTIONS MAY CONTRACT FOR, CHARGE, AND
COLLECT ANY AMOUNT OR RATE OF INTEREST OR COMPENSATION WITH
RESPECT TO EDUCATION LOANS. NEITHER THE AUTHORITY NOR ANY
INSTITUTION PARTICIPATING IN A LOAN PROGRAM UNDER THIS
SUBTITLE SHALL BE SUBJECT TO THE LICENSING PROVISIONS OF
TITLE 11 OF THE FINANCIAL INSTITUTIONS ARTICLE AND THE
CREDIT REGULATIONS OF TITLE 12 OF THE COMMERCIAL LAW ARTICLE
OF THE CODE.

(C) THE PROVISIONS OF ARTICLE 21 OF THIS CODE SHALL
APPLY TO ANY EDUCATION LOAN PROGRAM FOR A PUBLIC
INSTITUTION.

18-1318. TAX EXEMPTION.

THE AUTHORITY SHALL NOT BE REQUIRED TO PAY ANY TAXES OR
ASSESSMENTS OF ANY KIND WHATSOEVER AND ITS BONDS, THEIR
TRANSFER, THE INTEREST PAYABLE ON THEM, AND ANY INCOME
DERIVED FROM THEM, INCLUDING ANY PROFIT REALIZED IN THEIR
SALE OR EXCHANGE, SHALL BE EXEMPT AT ALL TIMES FROM EVERY
KIND AND NATURE OF TAXATION BY THIS STATE OR BY ANY OF ITS
POLITICAL SUBDIVISIONS, MUNICIPAL CORPORATION CORPORATIONS,
OR PUBLIC AGENCIES OF ANY KIND.

18-1319. TERMINATION OF EXISTENCE OF AUTHORITY.

THE AUTHORITY IN ITS CORPORATE EXISTENCE SHALL CONTINUE
UNTIL TERMINATED BY LAW BUT NO LAW TERMINATING ITS EXISTENCE
SHALL TAKE EFFECT AS LONG AS ANY BONDS OF THE AUTHORITY ARE
OUTSTANDING AND UNPAID WITHOUT ADEQUATE PROVISION FOR
PAYMENT HAVING BEEN MADE. UPON TERMINATION OF ITS
EXISTENCE, ALL RIGHTS, PRIVILEGES, AND PROPERTY OF THE
AUTHORITY SHALL PASS TO AND BE VESTED IN THE STATE OF
MARYLAND.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1982.

Approved June 1, 1982.

CHAPTER 489
(Senate Bill 24)
AN ACT concerning

Public Official or Sovereign Immunity