1500                                Laws of Maryland                        [Ch. 831

(6) All banks, trust companies, bankers, savings banks and in-
stitutions, building and loan associations, savings and loan associa-
tions, investment companies and other persons carrying on a bank-
ing or investment business; all insurance companies, insurance as-
sociations, and other persons carrying on an insurance business;
and all executors, administrators, curators, trustees, and other fi-
duciaries, may legally invest any sinking funds, monies, or other
funds belonging to them or within their control in any bonds or
other obligations issued by the municipality pursuant to this Article,
provided that such bonds and other obligations shall be secured by
an agreement between the issuer and the Federal Government in
which the issuer agrees to borrow from the Federal Government
and the Federal Government agrees to lend to the issuer, prior to
the maturity of such bonds or other obligations, monies in an amount
(together with any other monies irrevocably committed to the pay-
ment of principal and interest on such bonds or other obligations)
will suffice to pay the principal of such bonds or other obligations
with interest to maturity thereon, which monies under the terms
of said agreement are required to be used for the purpose of paying
the principal of and the interest on such bonds or other obligations
at their maturity. Such bonds and other obligations shall be au-
thorized security for all public deposits. It is the purpose of this
section to authorize any persons, political subdivisions and officers,
public or private, to use any funds owned or controlled by them for
the purchase of any such bonds or other obligations. Nothing con-
tained in this section with regard to legal investments shall be con-
strued as relieving any person of any duty of exercising reasonable
care in selecting securities.

Section 11. Separability. If any provision of this Article, or the
application thereof to any person or circumstances, is held invalid,
the remainder of the Article and the application of such provision
to persons or circumstances other than those as to which it is held
invalid, shall not be affected thereby. The powers conferred by this
Article shall be in addition and supplemental to the powers con-
ferred by any other law.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1961.

Approved May 3, 1961.

CHAPTER 831

(House Bill 539)

AN ACT to add a new Section 9(50) to Article 81 of the Annotated
Code of Maryland (1957 Edition and 1960 Supplement), title

"Revenue and Taxes", sub-title "What Shall be Taxed and Where",
to follow immediately after Section 9(49) thereof, providing for

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.