THEODORE R. MCKELDIN, GOVERNOR 489

Edition, title "Investments", to provide that bonds and other
obligations issued by any public housing authority or agency
in the United States shall be authorized security for all
public deposits and fully negotiable in this State.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 4 of Article 49A of the Annotated Code of
Maryland (1939 Edition), title "Investments", be and it is
hereby repealed and re-enacted with amendments, to read as
follows:

4. Notwithstanding any restrictions on investments con-
tained in any laws of this State, the State and all public
officers, municipal corporations, political sub-divisions, and
public 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 Govern-
ment or any agency thereof, and such bonds and other obliga-
tions shall be authorized security for all public deposits and
shall be fully negotiable in this State; it being the purpose of
this section to authorize any persons, firms, corporations,
associations, political sub-divisions, bodies and officers, public
or private, to use any funds owned or controlled by them, in-
cluding (but not limited to) sinking, insurance, investment,
retirement, compensation, pension and trust funds, and funds
held on deposit, for the purchase of any such bonds or other
obligations and to accept such bonds and other obligations as
security for all public deposits; provided, however, that noth-
ing contained in this Article shall be construed as relieving
any person, firm or corporation 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, 1951.

Approved March 24, 1951.