HARRY HUGHES, Governor                                      4115

SECTION 2. AND BE IT FURTHER ENACTED, That as additional
and supplementary authority to effect the purposes of this Act
and not in derogation of any power now existing, the State shall
be deemed to be a "public body" authorized to issue bond
anticipation notes under Section 12 of Article 31 of the
Annotated Code of Maryland, as amended and recodified. Bond
anticipation notes may be issued and sold at public or private
sale upon whatever terms and conditions the Board of Public Works
determines to be in the best interest of the State to effect the
purposes of this Act. The proceeds of the sale of the notes
shall be expended as provided in Section 1 of this Act, provided
that up to 3 years' interest on any issue of notes, or any
renewal of them, may be paid from the proceeds, accounting from
the initial date of issue of those notes.

SECTION 3. 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 18, 1985.

CHAPTER 5

(Senate Bill 5)

AN ACT concerning

Savings and Loan Associations - Net Worth Certificates

FOR the purpose of permitting a savings and loan association to
issue a net worth certificate, which is a capital instrument
issued by a savings and loan association for the purpose of
increasing or maintaining the capital of the association,
under certain circumstances; specifying the consideration
for the issuance of the net worth certificate; specifying
that the net worth certificate may provide for the payment
of dividends and for redemption; providing that a net worth
certificate may be convertible into stock of a capital stock
association; setting priorities of claims or rights for
holders of a net worth certificate, under certain
circumstances; prohibiting the payment of a dividend or the
making of certain distributions when net worth certificates
are outstanding; giving the Secretary of Licensing and
Regulation certain powers when net worth certificates are
outstanding; specifying the nature of net worth