Marvin Mandel, Governor                         851

pursuant to the provisions of paragraphs (iii) or (iv) of this
subsection.

All real property acquired pursuant to paragraphs (i) and (ii)
of this subsection shall be disposed of within five years after it
shall have ceased to be necessary for the convenient accommodation
of such insurer in the transaction of its business, and all real prop-
erty acquired pursuant to this paragraph and paragraphs (iii) and
(iv) of this subsection shall be disposed of within five years after
the date of acquisition, unless in either case the Commissioner
shall certify that the interests of the insurer will suffer materially
by the forced sale thereof, in which event the time for disposal
of such real property may be extended for such time as the Com-
missioner shall prescribe in such certificate. No real property shall
be acquired by any insurer pursuant to this paragraph and para-
graphs (i), (ii) and (iv) of this subsection, except with the approval
of the Commissioner.

(9)    Foreign investments.—Any domestic insurer may invest
in, or otherwise acquire or loan upon Canadian securities and in-
vestments which are substantially of the same kinds, classes and
investment grades as those eligible for investment under this sub-
title.

(ii) Any insurer which is authorized to do business in a foreign
country or possession of the United States or which has outstanding
insurance or reinsurance contracts on risks located in a foreign
country or possession of the United States, may invest in, or other-
wise acquire or loan upon securities and investments in such foreign
country or possession which are substantially of the same kinds,
classes and investment grades as those eligible for investment under
this subtitle; but the aggregate amount of such investments in
a foreign country or a possession of the United States and of cash
in the currency of such country or possession which is at any time
held by such insurer shall not, except as provided in the next pre-
ceding paragraph (i), exceed one and one-half times the amount
of its reserves and other obligations under such contracts or the
amount which such insurer is required by law to invest in such
country or possession, whichever shall be greater.

(10)    Stock and debentures of housing authorities.—Stock and
debentures, or either, of an housing authority organized under the
public housing law of this State, to the extent and upon such con-
ditions as may be authorized by the Commissioner, provided all of
the stock of such housing authority has been or is to be originally
issued to one or more insurers.

(11)    Shares of savings and loan or building and loan associa-
tions.—Shares of savings and loan associations or building and loan
associations 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.

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

Approved May 5, 1972.