J. MILLARD TAWES, Governor                        201

tions, investment companies and other persons carrying on a banking
or investment business; all insurance companies, insurance associa-
tions, and other persons carrying on an insurance business; and all
executors, administrators, curators, trustees, and other fiduciaries,
may legally invest any sinking funds, monies, or other funds belong-
ing to them or within their control in any bonds or other obligations
issued by the municipality pursuant to this sub-heading, provided
that such bonds and other obligations shall be secured by an agree-
ment between the issuer and the Federal Government in which the
issuer agrees to borrow from the Federal Government and the Fed-
eral Government agrees to lend to the issuer, prior to the maturity
of such bonds or other obligations, monies in an amount which
(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 authorized
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 pur-
chase of any such bonds or other obligations. Nothing contained in
this section with regard to legal investments shall be construed as
relieving any person of any duty of exercising reasonable care in
selecting securities.

11. Separability

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

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1963.

Approved March 14, 1963.

CHAPTER 102
(Senate Bill 149)

AN ACT to add 11 new sections under the new sub-heading "Re-
development—Urban Renewal", to the Charter of the Town of
Pocomoke City as this Charter is contained in the Code of Public
Local Laws of Worcester County (1961 Edition, being Article 24
of the Code of Public Local Laws of Maryland), title "Worcester
County", sub-title "Pocomoke City", to authorize and empower
the Mayor and Council of Pocomoke City to carry out urban renew-
al projects, the redevelopment, rehabilitation of slum or blighted
areas, including the acquisition of property for such purposes with
certain provisions in regard to such acquisition by the exercise of
the power of eminent domain; declaring such activities to constitute