J. MILLARD TAWES, GOVERNOR                               277

loans are made upon fee simple, or improved leasehold real estate
which is improved by a building or buildings, the said improvements
shall be insured against loss by fire, and the fire insurance policies
shall contain the New York or Massachusetts standard mortgage
clause or one equivalent thereto and shall be delivered to the mort-
gagee as additional security for the said loans; and upon first mort-
gages which the Federal Housing Administrator or the Farmers
Home Administrator has insured or has made a commitment to
insure, or invested in mortgage notes or bonds so insured, and neither
the limitations of this section nor any other law of this State requir-
ing security upon which loans shall be made, or prescribing the
nature, amount or forms of such security, or limiting the interest
rates upon loans, shall be deemed to apply to such insured mortgage
loans. Mortgages, deeds of trust, notes, bonds, or other evidences of
indebtedness representing loans and advances of credit that have
been insured and guaranteed, in whole or in part, in accordance with
the terms and provisions of Title 111 of the Act of Congress of the
United States of America approved June twenty-second, nineteen
hundred forty-four, known as Public Law 346—Seventy-eighth Con-
gress, Chapter 268—2nd Session, cited as the "Servicemen's Re-
adjustment Act of 1944" as heretofore and hereafter amended. In
all investments made upon mortgages, the evidence of the debt, if
any, shall accompany the mortgage or deed of trust.

SEC. 2. And be it further enacted, That this Act shall take effect
June 1, 1959.

Approved March 24, 1959.

CHAPTER 217
(Senate Bill 349)

AN ACT to repeal and re-enact, with amendments, Section 9 (31) of
Article 81 of the Annotated Code of Maryland (1957 Edition),
title "Revenue and Taxes", sub-title "What Shall Be Taxed and
Where", as amended by Chapter 38 of 1959, relating to an exemp-
tion from State and local taxation for the Kent County Historical
Association.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 9 (31) of Article 81 of the Annotated Code of Mary-
land (1957 Edition), title "Revenue and Taxes", sub-title "What
Shall Be Taxed and Where", as amended by Chapter 38 of 1959, be
and it is hereby repealed and re-enacted, with amendments, to read
as follows:

9.

(31) Property, real and personal, owned by the Historical Society
of Frederick County, Inc., the Montgomery County Historical

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.