SPIRO T. AGNEW, Governor                      1193

they are hereby repealed and re-enacted, with amendments, to read
as follows:

1.

(4) The Board shall report its specific conclusions and recommen-
dations to the General Assembly of [1967] 1968.

2.

That when the State Youth Board has made its report to the
General Assembly of [1967] 1968 as provided hereinabove in this
Act, this Act shall be repealed with no further action required by the
General Assembly of Maryland, and the State Youth Board herein
created shall be abolished. At that time any papers, books, or prop-
erties in the custody and possession of the State Youth Board shall
be transferred to the custody and possession of the Board of Public
Works, for disposition. Also at that time, any funds or credits to
the account of the State Youth Board on the books and accounts of
this State or of any agency or department of this State shall revert
to and be a part of the general funds of the State.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1967.

Approved April 21, 1967.

CHAPTER 562
(Senate Bill 687)

AN ACT to repeal and re-enact, with amendments, Section 162 of
Article 11 of the Annotated Code of Maryland (1966 Supplement),
title "Banks and Trust Companies," subtitle "Credit Unions," to
require the security for loans by credit unions to be made on first
mortgages on real property up to a certain percentage of the value
of the real property.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 162 of Article 11 of the Annotated Code of Maryland
(1966 Supplement), title "Banks and Trust Companies," subtitle
"Credit Unions," be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

162.

Loans may be made to members, not to exceed five thousand dollars
($5,000) on first real estate mortgage lien security, not to exceed
50% of the appraised value of the real property to be mortgaged;
such loans however are to be at the rate of six per centum (6%) per
annum, and to be amortized over a period not exceeding twenty years,
and are only to be made upon the approval of the Bank Commissioner.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1967.

Approved April 21, 1967.