52 LAWS OF MARYLAND. [CH. 27

under the laws of this State are hereby prohibited from
investing in any other manner than in cash, fixtures, or
loans on hypothecated stock of such association, judgments
or decrees for payment of money received by courts in this
State, mortgages on real or leasehold estate situate in this
State and bonds of the United States and of this State.
And any homestead or building association incorporated
under the laws of this State shall, in addition to the fore-
going, 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 money with
such Federal Home Loan Bank, and to comply with all con-
ditions of membership or credit in such bank; to borrow
money from such bank and to pledge security therefor, in-
cluding 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 amend-
ments thereto, including the rules and regulations promul-
gated 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.

SEC. 2. And be it further enacted, That all laws or
parts of laws inconsistent with this Act be, and the same
are hereby repealed to the extent of such inconsistency.

SEC. 3. And be it further enacted, That this Act is
hereby declared to be an emergency law necessary for the
immediate preservation of the public safety and health,
and being passed upon the 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 March 3, 1933.

CHAPTER 27.

AN ACT to authorize the Mayor and Council of Grantsville
to issue and sell bonds for constructing, erecting and
maintaining water works in said town of Grantsville, to