Ch. 548

1995 LAWS OF MARYLAND

TAXATION BY THE STATE AND BY THE COUNTIES AND MUNICIPAL CORPORATIONS OF
THE STATE BUT SHALL BE INCLUDED, TO THE EXTENT REQUIRED UNDER TITLE 8,
SUBTITLE 2 OF THE TAX - GENERAL ARTICLE, IN COMPUTING THE NET EARNINGS OF
FINANCIAL INSTITUTIONS.

(J) (1) ALL BONDS MAYBE IN BEARER FORM OR IN COUPON FORM OR MAY BE
REGISTRABLE AS TO PRINCIPAL ALONE OR AS TO BOTH PRINCIPAL AND INTEREST. EACH
OF THE BONDS SHALL BE DEEMED TO BE A SECURITY AS DEFINED IN § 8-102 OF THE
COMMERCIAL LAW ARTICLE, WHETHER OR NOT IT IS EITHER ONE OF A CLASS OR SERIES
OR BY ITS TERMS IS DIVISIBLE INTO A CLASS OR SERIES OF INSTRUMENTS.

(2) ALL BONDS SHALL BE SIGNED MANUALLY OR IN FACSIMILE BY THE
CHIEF EXECUTIVE OFFICER OF THE COUNTY, AND THE SEAL OF THE COUNTY SHALL BE
AFFIXED TO THE BONDS AND ATTESTED BY THE CLERK OR OTHER SIMILAR
ADMINISTRATIVE OFFICER OF THE COUNTY. IF ANY OFFICER WHOSE SIGNATURE OR
COUNTERSIGNATURE APPEARS ON THE COUPONS CEASES TO BE SUCH OFFICER BEFORE
DELIVERY OF THE BONDS, THE OFFICER'S SIGNATURE OR COUNTERSIGNATURE SHALL
NEVERTHELESS BE VALID AND SUFFICIENT FOR ALL PURPOSES THE SAME AS IF THE
OFFICER HAD REMAINED IN OFFICE UNTIL DELIVERY.

(3) ALL BONDS SHALL MATURE NOT LATER THAN 30 YEARS FROM THEIR
DATE OF ISSUANCE.

(4) ALL BONDS SHALL BE SOLD IN THE MANNER, EITHER AT PUBLIC OR
PRIVATE SALE, AND UPON THE TERMS AS THE GOVERNING BODY OF THE COUNTY
DEEMS BEST. ANY CONTRACT FOR THE ACQUISITION OF PROPERTY MAY PROVIDE THAT
PAYMENT SHALL BE MADE IN BONDS. BONDS ISSUED UNDER THIS SECTION ARE NOT
SUBJECT TO ARTICLE 31, §§ 9, 10, AND 11 OF THE CODE.

(K) BONDS ISSUED UNDER THIS SECTION ARE SECURITIES:

(1) IN WHICH ALL PUBLIC OFFICERS AND PUBLIC BODIES OF THE STATE
AND ITS POLITICAL SUBDIVISIONS, ALL INSURANCE COMPANIES, STATE BANKS AND
TRUST COMPANIES, NATIONAL BANKING ASSOCIATIONS, SAVINGS BANKS, SAVINGS AND
LOAN ASSOCIATIONS, INVESTMENT COMPANIES, EXECUTORS, ADMINISTRATORS,
TRUSTEES AND OTHER FIDUCIARIES MAY PROPERLY AND LEGALLY INVEST FUNDS,
INCLUDING CAPITAL IN THEIR CONTROL OR BELONGING TO THEM; AND

(2) WHICH MAY PROPERLY AND LEGALLY BE DEPOSITED WITH AND
RECEIVED BY ANY STATE OR COUNTY OFFICER OR ANY AGENCY OR POLITICAL
SUBDIVISION OF THE STATE FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR
OBLIGATIONS OF THE STATE IS NOW OR MAY HEREAFTER BE AUTHORIZED BY LAW.

(L) THE POWERS GRANTED UNDER THIS SECTION SHALL BE REGARDED AS
SUPPLEMENTAL AND ADDITIONAL TO POWERS CONFERRED BY OTHER LAWS, AND MAY
NOT BE REGARDED AS IN DEROGATION OF ANY POWERS NOW EXISTING.

(M) THIS SECTION, BEING NECESSARY FOR THE WELFARE OF THE STATE AND ITS
RESIDENTS, SHALL BE LIBERALLY CONSTRUED TO EFFECT THE PURPOSE STATED IN
SUBSECTION (C)(2) OF THIS SECTION.

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