3460

LAWS OF MARYLAND

[Ch. 817

Section 4-106(e), 10-103(b) and 10-103(c)

Annotated Code of Maryland

(1974 Volume and 1974 Supplement)

BY repealing and re—enacting, with amendments,

Article — Commercial Law

Section 9-203(2)

Annotated Code of Maryland

(As enacted by Chapter 49 (H.B. 26) of

the Acts of the 1975 General Assembly)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 162 of Article 11 - Banks and
Trust Companies, of the Annotated Code of Maryland (1968
Replacement Volume and 1974 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hereby repealed and re—enacted, with amendments, to read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 $25,000
on first real estate mortgage lien security. First real
estate mortgage loans, however, may be at the rate of
interest as set forth in [Article 49] TITLE 12, SUBTITLE
1 OF THE COMMERCIAL LAW ARTICLE OF THE CODE. Such loans
are to be amortized over a period not exceeding 25 years,
and are only to be made upon the approval of the Bank
Commissioner.

SECTION 2. AND BE IT FURTHER ENACTED, That Section
17 of Article 25B — Home Rule for Code Counties, of the
Annotated Code of Maryland (1973 Replacement Volume and
1974 Supplement) be and it is hereby repealed and
re—enacted, with amendments, to read as follows:

Article 25B — Home Rule for Code Counties

17.

All bonds issued by any code county in accordance
with this subtitle shall have and possess all the
attributes of negotiable instruments as provided in § 8
of Article 31 of this Code and in [subtitle 8 of Article
95B of this Code] TITLE 8 OF THE COMMERCIAL LAW ARTICLE
OF THE CODE. The principal of and interest on any bonds
in the hands of the owner or owners thereof from time to
time shall be and remain exempt from taxation of any kind
or nature whatsoever by the State of Maryland and by any