WILLIAM DONALD SCHAEFER, Governor                    Ch. 311

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 §
2-1312 of the State Government Article, 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.

[12-113.] 5-113.

(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
land records of Washington County in liber 755, folio 946,
including any improvements and personal property.

(b)  With the approval of the governing body of each
political subdivision in which the project is proposed to be
located, the Board of Public Works may convey to the Corporation
for economic development purposes any real property and
improvements which:

- 1573 -