458 LAWS OF MARYLAND [CH. 131

on hypothecated stock of such associations, judgments or decrees
for payment of money received by courts in this State, mortgages
on real or leasehold estate situate in this State, ground rents issuing
from real estate located in this State, bonds of this State and bonds
or other obligations of, or guaranteed as to principal and/or interest
by, the United States. And any homestead or building association in-
corporated under the laws of this State shall, in addition to the
foregoing, have full power to become a member of, or stockholder
in the federal home loan bank in the district of which the State of
Maryland is a part, and to that end to purchase stock in, or securities
of, or to deposit money with such federal home loan bank, and to
comply with all conditions of membership or credit in such bank; to
borrow money from such bank and to pledge security therefor, in-
cluding the right to repledge the shares of stock pledged as collateral
security without securing the consent of the owner thereof, in
accordance with, and to function under the terms of an act of
Congress entitled the "Federal Home Loan Bank Act," approved July
22, 1932, or any amendments thereto, including the rules and regu-
lations promulgated thereunder by the federal home loan bank, inso-
far as said act or amendments thereto, or rules and regulations
thereof apply to homestead or building associations.

In addition to the powers hereinbefore enumerated any homestead
or building association incorporated under the laws of this State
shall have full power and authority to avail itself of any or all of the
benefits, advantages and privileges available to homestead and build-
ing associations under the provisions of and in accordance with the
terms of an act of Congress entitled "An Act to encourage improve-
ment in housing standards and conditions, to provide a system of
mutual mortgage insurance, and for other purposes," approved June
27, 1934, and known as the "National Housing Act," and any
amendments thereof or that may be made thereto.

Also, any homestead or building association incorporated under the
laws of this State has full power to become a member of the Maryland
Savings-Share

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INSUR-
ANCE CORPORATION and pledge security therefor; AND IN
ADDITION MAY PURCHASE OBLIGATIONS OF SAID INSUR-
ANCE CORPORATION FOR INVESTMENT.

SEC. 7. AND BE IT FURTHER ENACTED, THAT SECTION
9 (16) OF ARTICLE 81 OF SAID CODE (1957 EDITION), TITLE

"REVENUE AND TAXES", SUB-TITLE "WHAT SHALL BE
TAXED AND WHERE", BE AND THE SAME IS HEREBY RE-
PEALED AND RE-ENACTED, WITH AMENDMENTS, TO READ
AS FOLLOWS:

9.

(16) SHARES OF STOCK IN DOMESTIC BUILDING AND
HOMESTEAD ASSOCIATIONS TO THE EXTENT THAT SUCH
SHARES REPRESENT INVESTMENTS IN CASH, FIXTURES,
LOANS OR HYPOTHECATED STOCK OF SUCH ASSOCIATION,