1350                           LAWS OF MARYLAND                      [CH. 649

articles of the association or in the bylaws, and such [corporation]
association shall have power to issue full paid-up shares of stock to its
members upon such terms as may be set forth in its bylaws.

(b) The payment of the unpaid instalments and the premiums on
the share or shares so purchased or redeemed, with interest on the
money paid therefor, as aforesaid, and all fines and penalties in-
curred in respect thereof by any member, shall be secured to such
[corporation] association, by mortgage on real or leasehold prop-
erty, or by the hypothecation of stock of such corporation held by
such member or by judgment of a court of law or by a justice of the
peace or by a decree of a court of equity all as may be provided in
the articles of association or bylaws; but in no case of hypothecation
of stock no greater sum of money shall at any time be drawn out by
any member than shall have been already paid in by him on all his
snares at the time of said hypothecation [, and all].

150. Investments of Associations; membership in federal home
loan bank or Maryland Savings-Share Insurance Corporation;
benefits, etc., of National Housing Act.

All [homestead or building] associations organized under the laws
of this State are hereby prohibited from investing in any other
manner than in cash, fixtures, or loans on hypothecated stock of such
associations, judgments or decrees for payment of money received by
courts in this State, mortgages on real or leasehold estate situated
in this State, ground rents issuing from real estate located in this
State, bonds of this State and bonds of any county or Baltimore City,
or bonds which are guaranteed as to principal and/or interest by
any county or Baltimore City or the United States. And any
[homestead or building] association incorporated under the laws of
this State shall, in addition 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 purchase 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 [home-
stead 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