500                             LAWS OF MARYLAND                      [CH. 295

ARE GUARANTEED AS TO PRINCIPAL AND/OR INTEREST
BY ANY COUNTY OR BALTIMORE CITY to principal and/or
interest by, OR the United States. And any homestead or building
association incorporated under the laws of this State shall, in addi-
tion 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 pur-
chase stock in, or securities of, or to deposit money with such
federal home loan bank, and to comply with all conditions of mem-
bership or credit in such bank; to borrow money from such bank
and to pledge security therefor, including 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 regulations promulgated thereunder
by the federal home loan bank, insofar 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
building associations under the provisions of and in accordance with
the terms of an act of Congress entitled "An Act to encourage
improvement 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 Insurance Corporation; and to that end
may purchase securities of, may deposit money with or pay assess-
ments, premiums, and charges to the Insurance Corporation; may
comply with all conditions of membership or credit in the Insurance
Corporation; and may borrow money from the Insurance Corpora-
tion and pledge security therefor; and in addition may purchase
obligations of said Insurance Corporation for investment.

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

Approved April 17, 1963.

CHAPTER 295
(Senate Bill 440)

AN ACT to legalize the 1962 Supplement to the Code of Public
Local Laws of Charles County, being Article 9 of the Code of
Public Local Laws of Maryland, published under the direction of
the Board of County Commissioners of Charles County, this sup-
plement being to the 1959 Edition of the Code of Public Local
Laws of Charles County which was legalized by Chapter 627 of
the Acts of 1959.