290 LAWS OF MARYLAND. [CH. 168

any security named in this section, or on the policies of the
company in force, provided, that each loan is less than the net
reserve of the policy on which the loan is made, according to
the standard of valuation prescribed in this Article; and pro-
vided, that the current market value of such pledged securities,
other than the bonds and stocks of this State, or of the United
States, shall be at all times during the continuance of such
loans, at least ten per cent more than the sum loaned on them.
All such loans shall be subject to the power of the company to
terminate the same in case of the depreciation of the securities
below that limit. In all investments made upon mortgage
securities, the evidence of the debt shall accompany the mort-
gage or deed of trust, and the insurance commissioner shall
have the authority, when any of the securities mentioned in
this section and held by any insurance company reporting to
him are of doubtful market value, or with out any ascertain-
able value on the exchange, to cause the same to be appraised
by two disinterested and competent persons, whose estimate
of the value of such securities shall be taken to be the value
thereof, unless the company, by placing some of them upon
the market, and obtaining a bona fide offer therefor, shall so
establish for them a different value; provided further, that it
may also be loaned upon first mortgages which the Federal
Housing Administrator has insured or has made a commit-
ment to insure or invested in mortgage notes or bonds
so insured, and neither the limitations of this section nor
any other law of this State requiring security upon which
loans shall be made, or prescribing the nature, amount or form
of such security, or limiting the interest rates upon loans, shall
be deemed to apply to such insured mortgage loans.

SEC. 2. And be it further enacted, That this Act is hereby
declared to be an emergency law, and necessary for the im-
mediate preservation of the public health and safety, and being
passed upon a yea and nay vote supported by three-fifths of all
the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.

Approved April 26, 1937.

CHAPTER 168.

AX ACT to amend and re-enact, with amendments, Sections 1
and 2 of Article 49A of the Code of the Public General Laws
of Maryland (1935 Supplement), title "Investments". Pro-
viding that bonds, debentures or notes issued by Federal