1062 LAWS OF MARYLAND. [CH. 511

same safeguards and restrictions as state member banks
of the Federal Reserve System and National Banking
Associations.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1935.

Approved April 25, 1935.

CHAPTER 511.

AN ACT to repeal and re-enact with amendments Section
25 of Article 48A of the Code of Public General Laws of
Maryland, 1924 Edition, title "Insurance, " sub-title "Gen-
eral Provisions, " as the same was repealed and re-enacted
with amendments by Chapter 109 of the Special Session
of the General Assembly of 1933, authorizing the invest-
ment of reserves of insurance companies in securities is-
sued or insured under the provisions of an Act of Con-
gress approved June 27, 1934, and known as the "National
Housing Act, " and declaring the same to be an emergency
law necessary for the immediate preservation of the pub-
lic health and safety.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 25 of Article 48A of the Code of
Public General Laws of Maryland, 1924 Edition, title
"Insurance, " sub-title "General Provisions, " as the same
was repealed and re-enacted by Chapter 109 of the Acts
of the Special Session of the General Assembly of 1933
be, and the same is hereby repealed and re-enacted with
amendments so as to read as follows:

25. INVESTMENT OF RESERVES. Every insur-
ance company, domestic or foreign, authorized to do busi-
ness in this state, must have and continually keep an
amount equal to its entire reinsurance reserve and all other
debts and claims against it, exclusive of capital stock,
invested in the bonds, coin or treasury notes of the United
States, or interest, or dividend-paying bonds or stocks of
this or any other state of the United States or of any
county, incorporated city or other corporation of this or
any other state having legal authority to issue the same,
and not in default, or in real estate for the office or busi-
ness purposes only of said company or bonds of the Home