1280                                            LAWS OF MARYLAND                                     Ch. 243

ASSOCIATION, OR THE GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION.

                 (IV) LOANS TO OTHER CREDIT UNIONS.

(V) LOANS TO STUDENTS INSURED UNDER THE
PROVISIONS OF TITLE IV, PART B OF THE HIGHER EDUCATION ACT
OF 1965 (20 U.S.C. 1071 ET SEQ.) OR SIMILAR STATE INSURANCE
PROGRAMS.

(VII) (V) LOANS INSURED UNDER TITLE I OF

THE NATIONAL HOUSING ACT (12 U.S.C. 1703) BY THE FEDERAL
HOUSING ADMINISTRATION.

(VII) SHARES OR DEPOSITS IN CENTRAL CREDIT

UNIONS. A CENTRAL CREDIT UNION IS DEFINED AS A CREDIT UNION

WHOSE MEMBERSHIP PRIMARILY CONSISTS OF:

(A) OTHER CREDIT UNIONS ORGANIZED

UNDER THE STATE OR FEDERAL LAW.

(B) OFFICIALS, COMMITTEE MEMBERS,

AND EMPLOYEES OF ANY CREDIT UNION ORGANIZED UNDER STATE OR

FEDERAL LAW, OR

                       (C) ANY COMBINATION OF THE

CATEGORIES DESCRIBED IN PARAGRAPHS (1) AND (2) (A) AND (B).

(VIII) (VI) COMMON TRUST INVESTMENTS WHICH
DEAL IN INVESTMENTS AUTHORIZED BY THE BANK COMMISSIONER.

(IX) (VII) PREPAID EXPENSES.

(X) (VIII) ACCRUED INTEREST ON NONRISK
INVESTMENTS.

(XI) (IX) FURNITURE AND EQUIPMENT.

(XII) (X) LAND AND BUILDINGS.

(XIII) LOANS FULLY SECURED BY A PLEDGE

OF SHARES IN THE LENDING CREDIT UNION, EQUAL TO AND

MAINTAINED TO AT LEAST THE AMOUNT OF THE LOAN OUTSTANDING.

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

Approved May 2, 1978.

CHAPTER 244
(Senate Bill 511)
AN ACT concerning