1674 LAWS OF MARYLAND [CH. 554

fifths of all of the members elected to each of the two Houses
of the General Assembly of Maryland, the same shall take
effect from the date of its passage.

Approved April 27, 1951.

CHAPTER 554
(House Bill 82)

AN ACT to repeal and re-enact with amendments, sub-section
(k) of Section 25 of Article 48-A of the Annotated Code of
Maryland (1947 Supplement) title "Insurance, " sub-title
"General Provisions", permitting life insurance companies
to purchase, hold and convey property for parking accom-
modations, with or without charge, primarily for the use of
employes or customers of said company.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sub-section (k) of Section 25 of Article 48-A of the
Annotated Code of Maryland (1947 Supplement) title ''Insur-
ance, " sub-title "General Provisions, " be and it is hereby re-
pealed and re-enacted, with amendments, to read as follows:

25.

k. Unencumbered real estate for the office and business pur-
poses only of said company, except as authorized by sub-para-
graphs g and h; and also property for parking accommoda-
tions, with or without charge, primarily for the use of em-
ployes or customers of said company; provided, however, that
the value of all real estate of such kind and for such purposes,
however acquired, shall not exceed 20% of the company's total
admitted assets. Any company shall have the right to pur-
chase and hold real estate under a foreclosure of its own
mortgages for a period of not more than five years; provided,
however, the Insurance Commissioner may, in Ms discretion,
grant an extension or extensions not exceeding five years each,
of the period within which such real estate may be held, that
in his judgment may be necessary to serve the best interest of
the company and its policyholders; provided, further, however,
before the Commissioner shall have refused to grant an ex-

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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.