J. MILLARD TAWES, Governor                     777

CHAPTER 466
(House Bill 1087)

AN ACT to repeal and re-enact, with amendments, Section 161Z
(b) of Article 23 of the Annotated Code of Maryland (1965 Sup-
plement) title "Corporations," subtitle "Building or Homestead
Associations," authorizing building, savings and loan associations
to engage in participation lending with savings and loan associa-
tions in other states and the District of Columbia in accordance
with the rules and regulations of the Board of Building, Savings
and Loan Association Commissioners, and relating to this author-
ity and the procedure thereof.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 161Z(b) of Article 23 of the Annotated Code of Mary-
land (1965 Supplement), title "Corporations," subtitle "Building or
Homestead Associations," be and it is hereby repealed and re-enacted,
with amendments, to read as follows:

161Z.

(b) Title to all real estate shall be taken and held in the name
of the association. The real or leasehold property securing any
mortgage authorized by Section 150 of this article shall be situate
in this State or within a fifty (50) mile radius of the principal
Maryland office of the association.

Notwithstanding the above, an association may engage in par-
ticipation lending IN FIRST LIENS NOT EXCEEDING FIFTY
(50)PER CENT OF THE TOTAL AMOUNT OF THE LIEN in-
volving property located in other states or the District of Columbia
with FEDERALLY CHARTERED AND INSURED savings and loan
associations of LOCATED IN other states and the District of Colum-
bia provided that the Board, by rule or regulation, shall authorize such
participation lending, and provided further that any such participa-
tion lending is in compliance with such rules and regulations as the
Board may from time to time adopt. TIME ADOPT; PROVIDED
THAT NO MORE THAN TEN (10) PER CENT OF AN ASSOCIA-
TION'S TOTAL ASSETS MAY BE UTILIZED IN THE SUM
TOTAL OF SUCH PARTICIPATION LENDING.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1966.

Approved April 29, 1966.

CHAPTER 467
(House Bill 1089)

AN ACT to repeal and re-enact, with amendments Section 161P(a)
of Article 23 of the Annotated Code of Maryland (1965 Supple-
ment), title "Corporations," subtitle "Building or Homestead As-
sociations," authorizing the payment of additional dividends by
savings and loan associations if the Board of Building, Savings