ALBERT C. RITCHIE, GOVERNOR. 213

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 165 of Article 23 of the Code of
Public General Laws of Maryland, Edition of 1924, title
"Corporations, " sub-title "Building and Homestead Asso-
ciations, " as the same was repealed and re-enacted by
Chapter 26 of the Acts of the General Assembly of 1933
(Regular Session), be, and the same is hereby repealed and
re-enacted, with amendments, so as to read as follows:

165. The payment of the unpaid installments and the
premiums on the share or shares so purchased or re-
deemed, with interest on the money paid therefor as afore-
said, and all fines and penalties incurred in respect thereof
by any member, shall be secured to such corporation, by
mortgage on real or leasehold property, or by the hypothe-
cation of stock of such corporation held by such member
or by judgment of a court of law or by a justice of the peace
or by a decree of a court of equity all as may be provided
in the articles of association or by-laws; but in no case of
hypothecation of stock no greater sum of money shall at
any time be drawn out by any member than shall have been
already paid in by him on all his shares at the time of said
hypothecation, and all homestead or building associations
organized under the laws of this State are hereby pro-
hibited 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 rendered by
courts in this State, mortgages on real or leasehold estate
situate in this State, bonds of the United States, of this
State, of the Home Owners Loan Corporation, a corpora-
tion created under an Act of the Congress of the
United States, approved June 13, 1933. And any home-
stead or building association incorporated under the laws of
this State shall, in addition to the foregoing, have full
power, (1) to become a member of, or stockholder 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 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