J. MILLARD TAWES, Governor                        841

the case of the member who is not eligible for service retirement but
who has attained age fifty-five and has fifteen or more years of
creditable service is calculated on an actuarial equivalent basis in
accordance with Section 113 (2)(d) of this article; provided, how-
ever, that if such spouse is the person nominated by the member to
receive any benefit under Section 113 (6) of this article, he may, by
written notice filed with the board of trustees prior to the commence-
ment of such retirement allowance but not more than 60 days after
the death of such member, elect to receive a benefit under the provi-
sions of Section 113 (6) in lieu of such retirement allowance.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1965.

Approved May 4, 1965.

CHAPTER 615
(Senate Bill 579)

AN ACT to repeal and re-enact, with amendments, Section 487 of
Article 48A of the Annotated Code of Maryland (1957 Edition
and 1964 Supplement), title "Insurance", sub-title "31. Miscel-
laneous", relating to special permits for issuance of annuity
agreements by, and exempting conditional donation agreements
of, domestic colleges, or universities, and to amend the law to
enlarge the class of organizations to which special permits may
be granted for issuance of annuities and the conditional donation
agreements of which are exempt from the provisions of Article
48A, to include any educational, OR religious or charitable organi-
zation that has been in active operation in Maryland for at least
ten years prior to application for special permit and has been
granted exemption from federal income taxation under Section 501
of the Internal Revenue Code of 1954, and specifically to empower
domestic educational, OR religious or charitable corporations, not-
withstanding absence of express powers in their charters, to make
annuity agreements and such other conditional donation agree-
ments as are expressly permitted by the section.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 487 of Article 48A of the Annotated Code of Maryland
(1957 Edition and 1964 Supplement), title "Insurance", sub-title "31.
Miscellaneous", be and it is hereby repealed and re-enacted with
amendments to read as follows:

487.

(a) Commissioner may issue special permits authorizing such
agreements.—The Commissioner, upon application and in his dis-
cretion, may issue a special permit to make annuity agreements with
donors to any [regularly organized domestic college or university]
educational, OR religious or charitable organization not conducted
for profit and engaged solely in bona fide educational, OR religious
or charitable activities which shall have been in active operation in
this State for at least ten years prior thereto [.] and which shall have