MARVIN MANDEL, Governor                             2621

Section 162

Annotated Code of Maryland

(1968 Replacement Volume and 1973 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 162 of Article 11 - Barks and
Trust Companies, of the Annotated Code of Maryland (1968
Replacement Volume and 1973 Supplement) be and it is
hereby repealed and re-enacted, with amendments, to read
as follows:

Article 11 — Banks and Trust Companies
162.

Loans may be made to members, not to exceed [fifteen
thousand dollars ($15,000,00)] $25,000 on first real
estate mortgage lien security[, and not to exceed 75% of
the appraised value of the real property to be
mortgaged]. First real estate mortgage loans, however,
[[are to]] MAY be at. the rate [of not more than 7% per
annum.] OF INTEREST AS SET FORTH IN [[SECTION 154 OF THIS
ARTICLE.]] ARTICLE 49. Such loans are to be amortized
over a period not exceeding [twenty—five] [[15]] 25
years, and are only to be made upon the approval of the
Bank Commissioner.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1974.

Approved May 31, 1974.

CHAPTER 769
(House Bill 1036)
AN ACT concerning

Credit Unions — Merger

FOR the purpose of permitting merger of credit unions and
relating generally to credit unions.

BY adding to

Article 11 — Banks and Trust Companies

Section 157B

Annotated Code of Maryland