Section 3-113 - Provisions applicable to all bonds. - Maryland Statutes

§ 3-113. Provisions applicable to all bonds.
 

(a)  Validity of former officer's signature.- If any officer whose signature or a facsimile of whose signature appears on any bonds or notes ceases to be the officer before the delivery of the bonds or notes, the signature or facsimile is nevertheless valid and sufficient for all purposes as if he had remained in office until delivery. 

(b)  Bonds deemed negotiable instruments.- Notwithstanding any other provision of this title or any recitals in any bonds and notes issued hereunder, all bonds and notes shall be deemed to be negotiable instruments under the laws of the State. 

(c)  Form, registration, reconversion, and interchange; replacement of lost, mutilated, or destroyed bonds.- The bonds may be issued in registered form or in such other form as determined by the Board. Provision may also be made for the replacement of bonds which become mutilated or are lost or destroyed. 

(d)  Exemption.- The bonds and notes are exempt from the provisions of §§ 8-206 and 8-208 of the State Finance and Procurement Article. The Service may sell its bonds and notes in the manner, either at public or at private sale, and for the price it determines. 

(e)  Consent of State unit not required for issuance.- The bonds and notes may be issued by the Service without obtaining the consent of any unit of the State government, and without any other proceedings or the happening of any other conditions or things than those specifically required hereunder. 
 

[An. Code 1957, art. 33B, § 12; 1973, 1st Sp. Sess., ch. 4, § 1; 1985, ch. 717, § 1; 1989, ch. 815; 1993, ch. 196, § 1; 2009, ch. 183.]