§ 14-7-6. Repeal of certain provisions.

Latest version.

All resolutions or parts of resolutions heretofore adopted by the borrower which authorize the issuance or delivery of advance or project loan notes pursuant to the contract are hereby repealed; provided, however, that such repeal shall in no way affect the validity of advance or project loan notes issued pursuant to such resolutions which are outstanding or on deposit for delivery pending payment therefor on the date this article becomes effective; provided further, that the project loan notes authorized by this article shall be exchanged for any advance notes heretofore issued pursuant to any previous resolution.

(Code 1964, § 2-12-6)

                    
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