1310                             LAWS OF MARYLAND                        CH. 651

Director BOARD shall not be required to dispose of the same FORTH-
WITH if at a later time the Board rescinds the rule or regulation
allowing such investments or if the Director BOARD shall remove
such investments from the list.

(e)    Membership in Federal Home Loan Bank.—Any association
shall, in addition to the foregoing, have full power to become a mem-
ber 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 membership or
credit in such bank; to borrow money from such 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 associations.

(f)    Membership in Maryland Savings-Share Insurance Corpora-
tion.—Any association shall have 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
assessments, premiums, and charges to the Insurance Corporation;
may comply with all conditions of membership or credit in the Insur-
ance Corporation; and may borrow money from the Insurance Cor-
poration and pledge security therefor; and in addition may purchase
obligations of said Insurance Corporation for investment.

(g)    Benefits of National Housing Act.—Any association shall
have full power and authority to avail itself of any or all of the bene-
fits, ad/vantages and privileges available to. 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.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved May 7, 1968.

CHAPTER 651
(House Bill 187)

AN ACT to repeal and re-enact, with amendments, Sections 145(a)
and (b) of Article 23 of the Annotated Code of Maryland (1966
Replacement Volume and 1967 Supplement), title "Corporations,"
subtitle "Building or Homestead Associations," and to add new
Section 145(c) to said Article of said Code, title and subtitle, to
follow immediately after Section 145(b), thereof, to provide for
the disposition on death of a trustee or beneficiary of money placed