LAWS OF MARYLAND 457

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AUGUST 1, 1962, and has
acted thereon; and

(2) it has accepted for membership a minimum of twenty-five
(25) associations, having free share accounts in the aggregate total
of at least twenty-five million dollars ($25,000,000.00).

SEC. 3. And be it further enacted, That after the first meeting of
the Board of Directors, a certificate shall be filed by the board OF
DIRECTORS with the Department of Assessments and Taxation,
certifying that the Corporation has commenced business as provided
herein; and such certificate shall be conclusive evidence that business
was begun.

SEC. 4. And be it further enacted, That if the Corporation fails to
insure free share accounts by April 1, 1964, its existence terminates
at that time, and without further action by the General Assembly
and the Governor of Maryland the provisions of this Act then are
null and void.

SEC. 5. And be it further enacted, That if any provision of this
Act or the application thereof to any person or circumstances is held
invalid, such invalidity does not affect the other provisions or any
other application of this Act which can be given effect without the
invalid provision or application, and to this end the provisions of
this Act are declared to be severable.

SEC. 6. And be it further enacted, That Section 150 of said Article
and sub-title (1957 Edition), sub-heading "Building or Homestead
Associations/' be and it is hereby repealed and re-enacted with
amendments, to read as follows:

150. The payment of the unpaid installments and the premiums
on the share or shares so purchased or redeemed, with interest on
the money paid therefor, as aforesaid, and all fines and penalties
incurred in respect thereof by any member, shall be secured to such
corporation, by mortgage on real or leasehold property, or by the
hypothecation of stock of such corporation held by such member
or by judgment of a court of law or by a justice of the peace or by
a decree of a court of equity all as may be provided in the articles of
association or bylaws; but in no case of hypothecation of stock no
greater sum of money shall at any time be drawn out by any member
than shall have been already paid in by him on all his shares at the
time of said hypothecation, and all homestead or building associa-
tions organized under the laws of this State are hereby prohibited
from investing in any other manner than in cash, fixtures, or loans