'860 ARTICLE 23

by courts in this State, mortgages on real or leasehold estate situate in this
State, bonds of this State and bonds or other obligations of, or guaranteed
as to principal and/or interest by, the United States. And any homestead
or building association incorporated under the laws of this State shall, in
addition to the foregoing, have full power to become a member of, or stock-
holder in the Federal Home Loan Bank in the district of which the State
of Maryland is a part, and to that end to purchase stock in, or securities of,
or to deposit emoney with such Federal Home Loan Bank, and to comply
with all conditions of membership or credit in such bank; to borrow money
from such bank and to pledge security therefor, including the right to
repledge the shares of stock pledged as collateral security without securing
the consent of the owner thereof, in accordance with, and to function under
the terms of an Act of Congress entitled the "Federal Home Loan Bank
Act," approved July 22, 1932, or any amendments thereto, including the
rules and regulations promulgated thereunder by the Federal Home Loan
Bank, insofar as said Act or amendments thereto, or rules and regulations
thereof apply to homestead or building associations.

In addition to the powers hereinbefore enumerated any homestead or
building association incorporated under the laws of this State shall have
full power and authority to avail itself of any or all of the benefits, advan-
tages and privileges available to homestead and building associations
under the provisions of and in accordance with the terms of an Act of Con-
gress entitled "An Act to encourage improvement in housing standards and
conditions, to provide a system of mutual mortgage insurance, and for other
purposes," approved June 27, 1934, and known as the "National Housing
Act," and any amendments thereof or that may be made thereto.¹

The exemption from taxation granted by this section, held not to apply, to a cor-
poration originally chartered as a fire insurance company by special act, and whose
charter was, by a later act, amended so as to give it the power to purchase real property,
lend money, etc. Emory v. State, 41 Md. 57.

The act of 1896, ch. 120, secs. 146A to 146F, held not to include building associations,
so as to take away the exemption from taxation granted them by this section. Faust v.
Twenty-third, etc., Bldg. Assn., 84 Md. 189.

Prior to the act of 1904, ch. 239 (see sec. 168), the exemption from taxation granted
by this section only applied to building associations incorporated under the general
law. Method of taxing the stock of an association whose charter was granted under
the general law, but amended by a special act. Saulsbury Assn. v. Wicomico County,
86 Md. 619.

This section referred to in construing sec. 151—see notes thereto. Commercial Assn. v.
Mackenzie, 85 Md. 142.

This section referred to in construing sec. 163—see notes thereto. White v. Williams,
90 .Md. 723; Commercial Assn. v. Mackenzie, 85 Md. 142.

This section referred to in construing various general assessment acts. Appeal Tax
Court v. Rice, 50 Md. 314.

For a case involving sec. 36 of art. 26 of the Code of 1860, see Shannon v. Howard, etc.,
Bldg. Assn., 36 Md. 394.

Secs. 164-168 cited but not construed in Frederick v. Lyons, 173 Md. 100.

Cited but not construed in Baltimore Bldg. Assn. v. Powhatan Co., 87 Md. 64; In-
ternational Fraternal Alliance v. State, 86 Md. 554; Middle States Co. v. Hagerstown
Mattress Co., 82 Md. 513.

See notes to sec. 163.

As to exemptions from taxation, see art. 81, sec. 7.

An. Code, 1924, sec. 166. 1912, sec. 139. 1904, sec. 127. 1888, sec. 100. 1868, ch. 471, sec. 89.

165. On the trial of any action or other proceeding at law or in equity,
in which the property or interest of any such corporation may be in any
wise concerned, any member of such corporation shall be a competent wit-

¹ Sec. 2, ch. 567, acts of 1935, repealed all laws inconsistent therewith to extent of such
inconsistency.