WILLIAM DONALD SCHAEFER, Governor                         Ch. 605

requirements set forth in this Act. The County may, by appropriate resolution, provide for
the replacement of any bonds issued hereunder which shall have become mutilated or lost
or destroyed upon such conditions and after receiving such indemnity as the County may
require.

SECTION 8. AND BE IT FURTHER ENACTED, That any and all obligations
issued pursuant to the authority of this Act, their transfer, the interest payable thereon,
and any income derived therefrom in the hands of the holders thereof from time to time
(including any profit made in the sale thereof) shall be and are hereby declared to be at
all times exempt from State, county, municipal, or other taxation of every kind and nature
whatsoever within the State of Maryland.

Nothing in this Act shall prevent the County from authorizing the issuance and sale
of bonds the interest on which is not excludable from gross income for federal income tax
purposes.

SECTION 9. AND BE IT FURTHER ENACTED, That the authority to borrow
money and issue bonds conferred on the County by this Act shall be deemed to provide
an additional and alternative authority for borrowing money and shall be regarded as
supplemental and additional to powers conferred upon the County by other laws and shall
not be regarded as in derogation of any power now existing; and all Acts of the General
Assembly of Maryland heretofore passed authorizing the County to borrow money are
hereby continued to the extent that the powers contained in such Acts have not been
exercised, and nothing contained in this Act may be construed to impair, in any way, the
validity of any bonds that may have been issued by the County under the authority of any
said Acts, and the validity of the bonds is hereby ratified, confirmed, and approved. This
Act, being necessary for the welfare of the inhabitants of Carroll County, shall be liberally
construed to effect the purposes hereof. All Acts and parts of Acts inconsistent with the
provisions of this Act are hereby repealed to the extent of such inconsistency.

SECTION 10. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1993.

Approved May 27, 1993.

CHAPTER 605
(House Bill 1392)

AN ACT concerning

Corporations - Rights of Objecting Stockholders - Fair Value of Stock

FOR the purpose of exempting stock designated as a national market system security on
an interdealer quotation system by the National Association of Securities Dealers,
Inc. from the rights of stockholders objecting to certain corporate transactions to
demand and receive payment for the fair value of their stock.

BY repealing and reenacting, with amendments,

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