844                              Laws of Maryland                      [Ch. 284

(3)    Interest-bearing bonds of any state, District of Columbia,
territory or possession of the United States of America, or of any
province of Canada, or of any county, or incorporated city of any
state, District of Columbia, territory or possession of the United
States of America, or any Canadian municipality.

(4)    Interest-bearing bonds of any commission, instrumentality,
authority or political subdivision having legal authority to issue the
same, of the United States of America, Canada, any state, District
of Columbia, territory or possession of the United States of America
or of any province of Canada, or of any county or incorporated
city of any state, District of Columbia, territory or possession of
the United States of America or of any province of Canada.

(5)    Interest-bearing bonds, notes of other interest-bearing
obligations of any corporation organized under the laws of the United
States of America or of Canada or province thereof, or under the
laws of any state, District of Columbia, territory or possession of
the United States of America. Equipment trust obligations or cer-
tificates or other secured instruments evidencing an interest in
transportation or other equipment wholly or in part within the
United States of America or Canada and a right to receive deter-
mined portions of rental, purchases or other fixed obligatory pay-
ments for the use or purchase of such transportation or other
equipment.

(6)    Dividend-paying stocks or shares of any corporation created
or existing under the laws of the United States of America, Canada
or province thereof, or of any state. District of Columbia, territory
or possession of the United States of America; provided, that, to
the extent necessary to satisfy the reserve requirements of this
subtitle, no insurer may be allowed more than 10% of its total ad-
mitted assets in preferred stocks, nor more than 10% of its total
admitted assets in common stocks; and further provided, that no
insurer may be allowed more than 5% of its total admitted assets
in the stock or shares of any one corporation.

(7)    Loans secured by first mortgages, or deeds of trust, on
unencumbered fee-simple or improved leasehold real estate in the
District of Columbia or in any state of the United States of America
or province of Canada, to an amount not exceeding 75% of the fair
market value of such fee-simple or improved leasehold real estate
provided that any amount exceeding 66⅔% of the face market value
of such fee-simple or leasehold real estate shall not be included
in reserve and capital investments unless such fee-simple or leasehold
real estate is primarily improved by a residence and such loans
provide for amortization of principal, such amortization payments
to be made annually or more frequently, over a period of not more
than twenty-five years. Whenever such loans are made upon fee-
simple, or leasehold real estate which is improved by a building or
buildings, the said improvements shall be insured against loss
by fire, and the fire insurance policies shall contain the New York
or Massachusetts standard mortgage clause or one equivalent there-
to and shall be delivered to the mortgagee as additional security
for the said loans; and upon bonds, notes or other evidence of
indebtedness secured by mortgages or deeds of trust which are guar-
anteed or insured by an instrumentality of the United States, pur-
suant to acts of Congress, as heretofore and hereafter amended,
known as the National Housing Act; Servicemen's Readjustment