622 LAWS OF MARYLAND. [CH. 571

a senior participation in such mortgage or deed of trust giving
it substantially the rights of a first mortgagee. Except as
otherwise provided in this section, no domestic stock or mutual
insurance company or Lloyd's Association, other than a life
insurance company or a fraternal benefit association, shall in-
vest in or loan upon the security of any one property more than
twenty-five thousand dollars or more than two per centum of
its total admitted assets, whichever is the greater. In no event
shall the total investments of any such insurer in the kinds'
permitted under this sub-division exceed forty per centum of
its total admitted assets.

(b) Purchase money mortgages or like securities received
by it. upon the sale or exchange of real property acquired pur-
suant to Sub-division (8) of this Sub-section 3.

(c) 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, entitled
the "National Housing Act", as heretofore or hereafter
amended.

(d) Mortgages, bonds or notes secured by mortgages or
deeds of trust, or other evidence of indebtedness representing
loans and advances of credit that have been issued and guar-
anteed, in whole or in part, in accordance with the terms and
provisions of Title III of an Act of Congress of the United
States of America approved June Twenty-second, Nineteen
Hundred Forty-four, known as Public Law 346—Seventy-
eighth Congress, Chapter 268—2nd Session, cited as the "Serv-
icemen's Readjustment Act of 1944" as heretofore and here-
after amended.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1945.

Approved April 5, 1945.

CHAPTER 571.
(House Bill 466)

AN ACT to repeal and re-enact, with amendments, Section
77 of Article 81 of the Annotated Code of Maryland^ (1943
Supplement), title "Revenue and Taxes", sub-title "Tax
Sales", and to repeal Section 93A of Article 5 of the Code of
Public Local Laws of Maryland (1930 Edition), title "Cal-
vert County", sub-title "County Treasurer", as said section
was amended by Chapter 246 of the Acts of 1943, providing