394 LAWS OF MARYLAND [CH. 78

annum, shall not be permitted any applicant for aid under
this sub-title if to do so would deprive the State of Federal
assistance in financing the State's program of aid to the
needy blind, AND TO BE PERMITTED THIS EXEMPTION
THE APPLICANT MUST CONFORM TO ALL THE RE-
QUIREMENTS OF ANY FEDERAL LEGISLATION
UNDER WHICH SUCH INCOME MAY BE PERMITTED.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1950.

Approved March 28, 1950.

CHAPTER 78
(House Bill 31)

AN ACT to repeal and re-enact, with amendments, Sub-sec-
tion 3 (6) of Section 25A of Article 48A of the Annotated
Code of Maryland (1947 Supplement), title "Insurance",
sub-title "General Provisions", sub-heading "Investments—
Fire, Casualty and Miscellaneous", relating to classes of
reserve investments of fire, casualty and miscellaneous in-
surance companies.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sub-section 3 (6) of Section 25A of Article 48A
of the Annotated Code of Maryland (1947 Supplement), title
"Insurance", sub-title "General Provisions", sub-heading "In-
vestments—Fire, Casualty and Miscellaneous", be and it is
hereby repealed and re-enacted, with amendments, to read as
follows:

25A.

3. (6) (Mortgage Loans) (a) Bonds or evidences of indebt-
edness other than those described in Sub-division (2) of Sub-
section 3 which are secured by first mortgages or deeds of
trust upon unencumbered fee simple or improved leasehold
real property located in the United States. Real property
shall not be deemed to be encumbered within the meaning of
this section, by reason of the existence of instruments re-

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike-out indicates matter stricken out of bill.