INVESTMENTS 2197

1939, ch. 504.

4. Notwithstanding any restrictions on investments contained in any
laws of this State, the State and all public officers, municipal corporations,
political subdivisions, and public bodies, all banks, bankers, trust com-
panies, savings banks and institutions, building and loan associations, sav-
ings and loan associations, investment companies, and other persons carrying
en a banking business, all insurance companies, insurance associations and
other persons carrying on an insurance business, and all executors, admin-
istrators, guardians, trustees and other fiduciaries may legally invest any
sinking funds, moneys or other funds belonging to them or within their
control in any bonds or other obligations issued by a housing authority
pursuant to the provisions of Article 44A of the Code of Public General
Laws of Maryland, or issued by any public housing authority or agency in
the United States, when such bonds or other obligations are secured by a
pledge of annual contributions to be paid by the United States Government
or any agency thereof; it being the purpose of this section to authorize any
persons, firms, corporations, associations, political subdivisions, bodies and
officers, public or private, to use any funds owned or controlled by them,
including (but not limited to) sinking, insurance, investment, retirement,
compensation, pension and trust funds, and funds held on deposit, for the
purchase of any such bonds or other obligations; provided, however, that
nothing contained in this Article shall be construed as relieving any person,
firm or corporation from any duty of exercising reasonable care in selecting
securities.