1714 LAWS OF MARYLAND. [CH. 985

by it upon the sale or exchange of real property acquired pur-
suant to Sub-division (8) of this Sub-section 3.

(e) Bonds or notes secured by mortgage or trust deed
guaranteed or insured by the Federal Housing Administration
under the terms of an Act of Congress of the United States
of June Twenty-seventh, Nineteen Hundred Thirty-four, en-
titled the "National Housing Act", as heretofore or hereafter
amended.

(T) Ground rents in the District of Columbia or any State
of the United States of America, provided, that in the case of
unexpired redeemable ground rents the premium paid, if any,
shall be amortized over the period between date of acquisition
and redemption date; and in the case of expired redeemable
ground rents the premium paid, if any, shall be charged off
at the time of acquisition. Redeemable ground rents pur-
chased at a discount shall be carried at an amount not greater
than the cost of acquisition.

(8) REAL ESTATE. Real estate only if acquired or used for
the following purposes and in the following manner:

(a) The land and the building thereon in which it has its
principal office or offices.

(b) Such as shall be requisite for its convenient accommo-
dation in the transaction of its business.

(e) Such as shall have been acquired in satisfaction of
loans, mortgages, liens, judgments, decrees or other debts
previously owing to such insurer in the course of its business.

(d) Such as shall have been acquired in part payment of
the consideration on the sale of real property owned by it, if
each such transaction shall have effected a net reduction in
the company's investment in real, property.

(e) Additional real property and equipment incident to
real property, if necessary or convenient for the purpose of
enhancing the sale value of real property previously acquired
or held by it pursuant to the provisions of Paragraphs (e) or
(d) of this Sub-division (8).

All real property acquired pursuant to Paragraphs (a) and
(b) of this subdivision shall be disposed of within five years
after it shall have ceased to be necessary for the convenient
accommodation of such insurer in the transaction of its busi-
ness, and all real property acquired pursuant to Paragraphs
(e), (d) and (e) of this subdivision shall be disposed of
within five years after the date of acquisition, unless in either