1056 LAWS OF MARYLAND. [CH. 504

persons carrying on an insurance business, and all execu-
tors, administrators, guardians, trustees, and other
fiduciaries.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new section be and it is hereby added to Article
49A of the Annotated Code of Maryland (1935 Supplement),
title "Investments", said new section to be known as Sec-
tion 4, to follow immediately after Section 3 of said Article,
and to read as follows:

4. Notwithstanding any restrictions on investments con-
tained in any laws of this State, the State and all public offi-
cers, municipal corporations, political subdivisions, and pub-
lic bodies, all banks, bankers, trust companies, savings banks
and institutions, building and loan associations, savings and
loan associations, investment companies, and other persons
carrying on a banking business, all insurance companies, in-
surance associations and other persons carrying on an insur-
ance business, and all executors, administrators, guardians,
trustees and other fiduciaries may legally invest any sinking
funds, moneys or other funds belonging to them or within
their control in any bonds or other obligations issued by a
housing authority pursuant to the provisions of Article 44A
of the Code of Public General Laws of Maryland, or issued by
any public housing authority or agency in the United States,
when such bonds or other obligations are secured by a pledge
of annual contributions to be paid by the United States Gov-
ernment or any agency thereof; it being the purpose of this
section to authorize any persons, firms, corporations, associa-
tions, political subdivisions, bodies and officers, public or pri-
vate, to use any funds owned or controlled by them, including
(but not limited to) sinking, insurance, investment, retire-
ment, compensation, pension and trust funds, and funds held
on deposit, for the purchase of any such bonds or other obliga-
tions; provided, however, that nothing contained in this Arti-
cle shall be construed as relieving any person, firm or corpora-
tion from any duty of exercising reasonable care in selecting
securities.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1939.

Approved May 17, 1939.