484                                  Laws of Maryland                          [Ch. 377

college or university on outstanding annuity agreements a deduction
shall be made for all or any portion of an annuity risk which is rein-
sured by a life insurance company authorized to do business in this
State.

(c)  No such college or university shall make or issue in this State
any annuity agreement unless or until it has obtained from the Com-
missioner a permit issued in accordance with the provisions of this
section. If the Commissioner finds, after notice and hearing, that any
such college or university, having such a special permit, has failed to
comply with the requirements of this section, he may revoke or sus-
pend such permit or he may order such college or university to cease
making any new annuity contracts until such requirements have
been satisfied. In case of such revocation or suspension, outstanding
annuity contracts shall remain in full force and effect. The action of
the Commissioner in revoking or suspending any such permit or in
making any such order shall be subject to judicial review. AS PRO-
VIDED IN THIS ARTICLE.

(d)  Every such college or university issuing annuities under
special permit from the Commissioner shall be exempt, otherwise
than as provided in this section, from the provisions of this Article
with respect to such activity, and no law enacted hereafter shall apply
to them unless they be expressly designated therein.

(e)  Every college or university may_{ however, other than by an
annuity contract, agree to accept conditional donations and to pay
to the donor or his nominee a specified return established with
reference to the actual net earnings of the particular donation or
with reference to the actual or estimated earnings of a specified fund
of the donee college or university, and in so doing, every such college
or university shall be exempt from this section and from all other
provisions of this Article with respect to such agreements, and no law
enacted hereafter shall apply to them unless they be expressly desig-
nated therein.

(f)  Notwithstanding anything to the contrary, or the absence of
express power, in the charters of any such college or university, such
organizations are specifically empowered to make the annuity agree-
ments and such other agreements with respect to conditional
donations as are in this section expressly permitted.

Sec. 2. And be it further enacted, That this Act shall take effect
on June 1, 1957.

Approved March 28, 1957.

CHAPTER 377
(Senate Bill 26)

AN ACT to repeal and re-enact, with amendments, Section 5 (o)
of Article 62B of the Annotated Code of Maryland (1956 Supple-

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.