Marvin Mandel, Governor                         843

Sec 2. And be it further enacted, That this Act shall not be
construed as abrogating the right of the County Tax Collector to col-
lect any taxes due and payable as of the effective date of this Act or
to conduct tax sale proceedings on any trailer upon which taxes are
in arrears.

Sec. 3. And be it further enacted, That this Act shall take effect
July 1, 1972.

Approved May 5, 1972.

CHAPTER 284
(House Bill 460)

AN ACT to repeal and re-enact, with amendments, Sections 96
and 104 of Article 48A of the Annotated Code of Maryland
(1968 Replacement Volume and 1971 Cumulative Supplement
1972 REPLACEMENT VOLUME), title "Insurance Code," sub-
titles "6. Investments of Life Insurers," and "7. Investments of
Insurers other than Life Insurers," so as to name specifically the
Obligations of the Asian Development Bank as an authorized form
of investment for insurers.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 96 of Article 48A of the Annotated Code of Maryland
(1968 Replacement Volume and 1971 Cumulative Supplement 1972
REPLACEMENT VOLUME), title "Insurance Code," subtitle "6.
Investments of Life Insurers," be and it is hereby repealed and
re-enacted, with amendments, to read as follows:

96.

Every domestic life insurer must have and continually keep to
the extent of an amount equal to its entire reserves, as required by
this article, invested in any combination of the following types of
assets subject to the limit, if any, set forth with regard to each
type or class of investment:

(1)    Cash or deposits in checking or savings accounts, under
certificates of deposit or in any other form in national or state
banks and trust companies.

To the extent that such an investment or account is insured by
the Federal Savings and Loan Insurance Corporation, or by the
Maryland Savings-Share Insurance Corporation, an insurer may in-
vest in shares of savings and loan associations or building and loan
associations.

(2)    Interest-bearing bonds, notes, certificates of indebtedness,
bills or other direct interest-bearing obligations of the United
States of America or of Canada or other interest-bearing obliga-
tions fully guaranteed both as to principal and interest by the United
States of America, or by Canada, and obligations of the International
Bank for Reconstruction and Development [and], obligations of
the Inter-American Development Bank, and obligations of the Asian
Development Bank.