812                                         LAWS OF MARYLAND                        [Ch. 186

FOP the purpose of enlarging the powers of cooperative
Associations by permitting [[the general]] broader
powers of investment of surplus funds.

BY repealing and re—enacting, with amendments,

Article 23 — Corporations

Section 356(d)

Annotated Coda of Maryland

(1973 Replacement Volume and 1973 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 356(d) of Article 23 -
Corporations, of the Annotated Code of Maryland (1973
Replacement Volume and 1973 Supplement) be and it is
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 23 — Corporations
356.

(d) (1) TO DEPOSIT OR INVEST SURPLUS FUNDS IN
OBLIGATIONS OF THE UNITED STATES, THE STATE OF MARYLAND
OR ANY COUNTY OR MUNICIPALITY OF THIS STATE, OR IN ANY
BANKING INSTITUTION ORGANIZED UNDER THE LAWS OF THE STATE

OF MARYLAND, OR IN ANY NATIONAL BANK LOCATED IN A STATE

IN WHICH THE COOPERATIVE ASSOCIATION HAS MEMBERS, OR IN
SHARES OR CERTIFICATES OF DEPOSIT OF ANY INSURED BUILDING

AND LOAN ASSOCIATION PERMITTED TO DO BUSINESS IN THIS

STATE.

(2) To [[invest surplus funds]] [in obligations of
the United States only] [[; and to]] purchase or
otherwise acquire, and to hold, own and exercise all
rights of ownership in, and to sell, transfer, or pledge
shares of the capital stock or bonds of any cooperative,
as defined in this subtitle, or any corporation or
association engaged in any related activity, including
financing the activities of such cooperatives.

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

Approved April 9, 1974.

CHAPTER 187