Pennsylvania Act 1941-340 — MUNICIPAL BONDS

Act text

MUNICIPAL BONDS
                 Act of Aug. 11, 1941, P.L. 896, No. 340              Cl. 64
                                  AN ACT

     Providing that bonds, notes and other evidences of indebtedness
        issued by authorities incorporated under the Municipality
        Authorities Act, as amended and supplemented, shall not be
        invalid by reason of certain circumstances.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  No bonds, notes or other evidences of
     indebtedness heretofore issued by authorities incorporated under
     the Municipality Authorities Act, approved June 28, 1935,
     (Pamphlet Laws, four hundred sixty-three), as amended and
     supplemented, shall be invalid by reason of the fact that any
     member of the board or any officer of said authority was, at the
     time of the issuance of such bonds, notes or other evidences of
     indebtedness, a member or officer of the governing body of the
     incorporating municipality or municipalities or an officer
     thereof, provided that such bonds, notes or other evidences of
     indebtedness are otherwise valid.
        Section 2.  Nothing contained in this act shall be construed
     to validate any bonds, notes or other evidences of indebtedness
     in connection with the issuance of which any fraud or conspiracy
     has been committed.
        Section 3.  This act shall become effective immediately upon
     its final enactment.