WM. PRESTON LANE, JR., GOVERNOR. 265

CHAPTER 182.
(Senate Bill 300)

AN ACT to add a new section to Article 49A of the Anno-
tated Code of Maryland (1939 Edition), title "Invest-
ments", said new Section to be known as Section 4A
and to follow immediately after Section 4 of said Article,
relating to investment of funds in obligations issued
or guaranteed by the International Bank for Recon-
struction and Development.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That a new section be and it is hereby added to Article
49 A of the Annotated Code of Maryland (1939 Edition),
title "Investments", said new Section to be known as Sec-
tion 4A and to follow immediately after Section 4 of said
Article, and to read as follows:

4A. Notwithstanding any other provision of any public
general or public local law the following are authorized
to invest funds, including capital, in obligations issued
or guaranteed by the International Bank for Reconstruction
and Development:

(1) Insurance companies, trustees, banks and other
financial institutions.

(a) Insurance companies, insurance associations, and
all other persons carrying on an insurance business.

(b) Executors, administrators, guardians, committees,
conservators, liquidators, rehabilitators, receivers, trust
companies and trustees, and all other persons occupying a
similar fiduciary position.

(c) Banks, bankers and savings banks.

(d) Savings and loan and building and loan associations,
investment companies, and other financial institutions.

(2) Mutual associations, credit unions, relief and pen-
sion funds and institutions.

(a) Credit unions, cemetery associations, mutual benev-
olent and benefit associations.

(b) Firemen's, police, and teachers' association pension
and relief funds.

(c) Other pension, retirement, compensation, and sink-
ing funds systems.

(3) State, counties, and municipalities, officers and
subdivisions.

(a) The State and its counties and municipalities and
their subdivisions and agencies.