1372                                      LAWS OF MARYLAND                                Ch. 658

OF OBLIGATIONS.

(6)      TO INVEST ANY OF ITS FUNDS, UPON PROPER
AUTHORIZATION THEREOF BY THE BOARD OF DIRECTORS, IN ANY
OF THE FOLLOWING:

(I)   CASH OR DEPOSITS IN CHECKING OR SAVINGS ACCOUNTS,
OR UNDER CERTIFICATES OF DEPOSIT IN NATIONAL OR STATE
BANKING INSTITUTIONS, WHICH ARE MEMBERS OF THE FEDERAL
DEPOSIT INSURANCE CORPORATION.

(II)   SAVINGS AND LOAN ASSOCIATION SHARE ACCOUNTS TO
THE EXTENT THAT THE ACCOUNTS ARE INSURED BY THE
FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION OR BY
THE MARYLAND SAVINGS-SHARE INSURANCE CORPORATION.

(III)     INTEREST-BEARING BONDS, NOTES, CERTIFICATES OF
INDEBTEDNESS, BILLS, OR OTHER OBLIGATIONS OF THE UNITED
STATES, ANY STATE, OR THE DISTRICT OF COLUMBIA, OR OF ANY
COMMISSION, INSTRUMENTALITY, AGENCY, AUTHORITY, OR
POLITICAL SUBDIVISION THEREOF HAVING LEGAL AUTHORITY TO
ISSUE THE SAME.

(IV)        INTEREST-BEARING BONDS, NOTES, OR OTHER
INTEREST-BEARING OBLIGATIONS OF ANY CORPORATION
CREATED OR EXISTING UNDER THE LAWS OF THE UNITED STATES,
ANY STATE, OR THE DISTRICT OF COLUMBIA.

(V)   DIVIDEND-PAYING STOCKS OR SHARES HAVING READILY
MARKETABLE VALUES OF ANY CORPORATION CREATED OR
EXISTING UNDER THE LAWS OF THE UNITED STATES, BUT IT MAY
NOT INVEST MORE THAN 10% OF ITS TOTAL ASSETS IN THESE
STOCKS, NOR MORE THAN 3% OF ITS TOTAL ASSETS IN THE STOCK
OF ANY ONE CORPORATION.

(VI)    [[LOANS SECURED BY FIRST MORTGAGES OR DEED OF
TRUST ON OTHERWISE UNENCUMBERED FEE-SIMPLE REAL
ESTATE OR IMPROVED LEASEHOLD PROPERTY IN THIS STATE,
PROVIDED THE LOANS ARE PURCHASED FROM A MEMBER
ASSOCIATION.

(VII)  GROUND RENTS IN THIS STATE.

(VIII)    COLLATERAL LOANS SECURED BY PLEDGE OF ANY
SECURITY HEREINABOVE NAMED.

(IX)]] DIRECT LOANS TO MEMBER ASSOCIATIONS UNDER THE
TERMS AND CONDITIONS ESTABLISHED THEREFOR BY THE BOARD
OF DIRECTORS WHEN APPROVED BY THE BANK COMMISSIONER
AND IS NECESSARY OR DESIRABLE TO PREVENT LIQUIDATlON OF
THE MEMBER ASSOCIATION.

(7)  TO EXERCISE ALL OTHER CORPORATE POWERS GRANTED BY
GENERAL LAW TO CORPORATIONS IN THIS STATE, NOT
INCONSISTENT HEREWITH AND NECESSARY OR APPROPRIATE TO
THE PURPOSES HEREOF.

(C) THE EARNINGS SHALL BE ACCUMULATED BY THE
CORPORATION, AND NO PART THEREOF MAY BE RETURNED TO