2640

LAWS OF MARYLAND

Ch. 498

DEPOSITED, AS DIRECTED BY THE CORPORATION, IN ANY STATE OR
NATIONAL BANK, OR FEDERALLY OR STATE INSURED SAVINGS AND LOAN
ASSOCIATIONS LOCATED IN THE STATE HAVING A TOTAL PAID-IN-CAPITAL
OF AT LEAST $1,000,000. THE TRUST DEPARTMENT OF ANY STATE OR
NATIONAL BANK OR SAVINGS AND LOAN ASSOCIATION MAY BE DESIGNATED
AS A DEPOSITORY TO RECEIVE ANY SECURITIES ACQUIRED OR OWNED BY
THE CORPORATION.

(B)  ANY MONEY OF THE CORPORATION IN ITS DISCRETION AND
UNLESS OTHERWISE PROVIDED IN ANY AGREEMENT OR COVENANT BETWEEN
THE CORPORATION AND THE HOLDERS OF ANY OF ITS OBLIGATIONS
LIMITING OR RESTRICTING CLASSES OF INVESTMENTS, MAY BE INVESTED
IN BONDS OR OTHER OBLIGATIONS OF, OR GUARANTEED AS TO PRINCIPAL
AND INTEREST BY, THE UNITED STATES OR THE STATE OR IN THE
POLITICAL SUBDIVISIONS OR UNITS.

(C)  THE CORPORATION SHALL MAKE PROVISION FOR A SYSTEM OF
FINANCIAL ACCOUNTING, CONTROLS, AUDITS, AND REPORTS. THE FISCAL
YEAR OF THE CORPORATION SHALL BE JULY 1 TO JUNE 30.

(D)  AS SOON AS PRACTICAL AFTER THE CLOSING OF THE FISCAL
YEAR, AN AUDIT SHALL BE MADE OF THE FINANCIAL BOOKS, RECORDS, AND
ACCOUNTS OF THE CORPORATION. THE AUDIT SHALL BE MADE BY
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS, SELECTED BY THE
CORPORATION, AND LICENSED TO PRACTICE IN THE STATE AS AUDITORS.
THE AUDITORS MAY NOT HAVE A PERSONAL INTEREST EITHER DIRECTLY OR
INDIRECTLY IN THE FISCAL AFFAIRS OF THE CORPORATION. THEY SHALL
BE EXPERIENCED AND QUALIFIED IN THE ACCOUNTING AND AUDITING OF
PUBLIC BODIES. THE AUDITORS SHALL REPORT THE RESULTS OF THEIR
EXAMINATION, INCLUDING THEIR UNQUALIFIED OPINION ON THE
PRESENTATION OF THE FINANCIAL POSITION OF THE VARIOUS FUNDS AND
THE RESULTS OF THE CORPORATION'S FINANCIAL OPERATIONS. IF THEY
ARE UNABLE TO EXPRESS AN UNQUALIFIED OPINION THEY SHALL STATE AND
EXPLAIN IN DETAIL THE REASONS FOR THEIR QUALIFICATIONS,
DISCLAIMER, OR OPINION INCLUDING RECOMMENDATIONS NECESSARY TO
MAKE POSSIBLE FUTURE UNQUALIFIED OPINIONS.

(E)  THE BOOKS, RECORDS, AND ACCOUNTS OF THE CORPORATION ARE
SUBJECT TO AUDIT BY THE STATE.

(F)  WITHIN THE FIRST 90 DAYS OF EACH FISCAL YEAR, THE
CORPORATION SHALL MAKE A REPORT TO THE GOVERNOR AND, SUBJECT TO
ARTICLE 40, § 51 OF THE CODE, TO THE GENERAL ASSEMBLY. EACH
REPORT SHALL SET FORTH THE COMPLETE OPERATING AND FINANCIAL
STATEMENT COVERING ITS OPERATIONS DURING THE PRECEDING FISCAL
YEAR. THE REPORT SHALL ALSO SUMMARIZE THE CORPORATION'S
ACTIVITIES.

563.

(A) AFTER THE MEMBERS OF THE BOARD OF DIRECTORS OF THE
CORPORATION ARE APPOINTED AND QUALIFIED, THE BOARD OF PUBLIC
WORKS SHALL CONVEY TO THE CORPORATION, WITHOUT CONSIDERATION,
CERTAIN REAL PROPERTY KNOWN AS THE "FAIRCHILD INDUSTRIES"
PROPERTY DEEDED TO THE STATE OF MARYLAND AND RECORDED AMONG THE