2642

LAWS OF MARYLAND

Ch. 498

(2) ARTICLE 41, §§ 443, 444, AND 462(C)(2)(IV) OF THE
CODE DO NOT APPLY TO THE CORPORATION WHEN IT IS RECEIVING
FINANCIAL ASSISTANCE AS AUTHORIZED UNDER PARAGRAPH (1).

(D) NOTWITHSTANDING THE PROVISIONS OF SUBSECTION (A), THE
CORPORATION IS SUBJECT TO ANY STATE OR LOCAL REGULATORY
REQUIREMENTS TO WHICH A PRIVATE CORPORATION WOULD BE SUBJECT. IN
ADDITION, THE PROJECTS OF THE CORPORATION SHALL BE SUBJECT TO ALL
ZONING AND SUBDIVISION REGULATIONS OF THE JURISDICTION IN WHICH
THE PROJECT IS LOCATED.

565.

THE CORPORATION AND ITS CORPORATE EXISTENCE SHALL CONTINUE
UNTIL TERMINATED BY LAW TERMINATE AND BE OF NO EFFECT AFTER JULY
1, 1989; PROVIDED, HOWEVER, THAT NO SUCH LAW SHALL TAKE EFFECT SO
LONG AS THE CORPORATION SHALL HAVE BONDS OUTSTANDING, UNLESS
ADEQUATE PROVISION HAS BEEN MADE FOR THE PAYMENT OF THEM OR
PROVIDED THAT NO SUCH LAW SHALL AFFECT LEGAL OBLIGATIONS PENDING
AS A RESULT OF AGREEMENTS ENTERED INTO BEFORE THE TERMINATION OF
THE CORPORATION. UPON TERMINATION OF THE EXISTENCE OF THE
CORPORATION, ALL ITS RIGHTS AND PROPERTIES SHALL PASS TO AND BE
VESTED IN THE STATE.

566.

THIS SUBTITLE SHALL BE LIBERALLY CONSTRUED TO EFFECT ITS
PURPOSES.

SECTION 2. AND BE IT FURTHER ENACTED, That of the
individuals initially appointed by the Governor to the Board of
Directors, except for members serving on the Board in an ex
officio capacity, 3 members shall have a term of 2 years, 3
members shall have a term of 3 years, and 4 members shall have a
term of 4 years.

SECTION 3. AND BE IT FURTHER ENACTED, That within the first
30 days of each General Assembly Session the Chairman of the
Board of Directors shall present an oral and written report to
the Economic Matters and Economic Affairs Committees.
Additionally, the Chairman shall submit to the committees any
additional information relevant to the affairs of the Corporation
that may be required.

SECTION 3 4. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1984.

Approved May 29, 1984.