BLAIR LEE III, Acting Governor                         1243

be repealed, amended, or enacted to read as follows:

Article 23 — Miscellaneous Companies

161Z.

(a) Subject to such conditions and restrictions as
the Board, by regulation, may from time to time impose,
every association shall have the power to invest:

(2) In mortgages on real or leasehold estate
situated in this State or outside of this State if within a
fifty-mile radius of [the] ANY MARYLAND principal [Maryland]
OR MARYLAND BRANCH office of the association, or wheresoever
situated if insured or guaranteed by the United States or an
agency or instrumentality of the United States. Any
mortgage held by an association shall be a first lien upon
such real or leasehold property, except that any mortgage
may be a second lien if the first lien on said property is
held by the association;

(15) IN PARTICIPATION CERTIFICATES ISSUED BY THE
FEDERAL HOME LOAN MORTGAGE CORPORATION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 2, 1978.

CHAPTER 215

(Senate Bill 237)

AN ACT concerning

State Accident Fund - Commissioners

FOR the purpose of providing for additional Commissioners of
the State Accident Fund.

BY repealing and reenacting, with amendments,

Article 101 — Workmen's Compensation

Section 71(a)

Annotated Code of Maryland

(1964 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 101 — Workmen's Compensation