WM. PRESTON LANE, JR., GOVERNOR. 1771

part of this loan on any day on which the office of the cor-
poration is open for business.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1947.

Approved April 25, 1947.

CHAPTER 720.
(House Bill 288)

AN ACT to repeal and re-enact, with amendments, Section
152 of Article 11 of the Annotated Code of Maryland (1939
Edition), title "Banks and Trust Companies", sub-title
"Credit Unions", as said section was added by Chapter
409 of the Acts of 1945, relating to certain loans which
may be made to members of credit unions.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 152 of Article 11 of the Annotated Code
of Maryland (1939 Edition), title "Banks and Trust Com-
panies", sub-title "Credit Unions", as said section was added
by Chapter 409 of the Acts of 1945, be and it is hereby re-
pealed and re-enacted, with amendments, to read as follow:

152. Loans may be made to members, not to exceed Three
Thousand Dollars (|3,000), on first mortgage lien security,
nor to exceed 50% of the appraised value of the property to
be mortgaged; such loans however are to be at the rate of not
more than six per centum (6%) per annum, and to be amor-
tized over a period not exceeding twenty years, and are only
to be made upon the approval of the Bank Commissioner.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1947.

Approved April 25, 1947.

CHAPTER 721.
(House Bill 309)

AN ACT to propose an amendment to Article 15 of the Consti-
tution of Maryland, title "Miscellaneous," by adding a new
section to be known as Section 11, and to follow immediately
after Section 10 of said Article, relating to the eligibility of