1180 LAWS OF MARYLAND. [CH. 567

vided 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 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 lease-
hold estate situate in this State, bonds of this State and
bonds or other obligations of, or guaranteed as to princi-
pal and/or interest by, the United States. And any home-
stead or building association incorporated under the laws
of this State shall, in addition to the foregoing, have full
power to become a member of, or stockholder in the Fed-
eral 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 Blank
Act, " approved July 22, 1932, or any amendments thereto,
including the rules and regulations promulgated thereunder
by the Federal Home Loan Bank, insofar as said Act or
amendments thereto, or rules and regulations thereof ap-
ply to homestead or building associations.

In addition to the powers hereinbefore enumerated any
homestead or building association incorporated under the
laws of this State shall have full power and authority to
avail itself of any or all of the benefits, advantages and
privileges available to homestead and building associations
under the provisions of and in accordance with the terms
of an Act of Congress entitled "An Act to encourage im-
provement in housing standards and conditions, to provide
a system of mutual mortgage insurance, and for other pur-
poses, " approved June 27, 1934, and known as the "Na-
tional Housing Act, " and any amendments thereof or that
may be made thereto.

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.