HARRY HUGHES, Governor

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(III)  ACCEPTED IN SATISFACTION OF AN
OBLIGATION;

(IV)  ACQUIRED BY THE ASSOCIATION IN AN
EXCHANGE FOR ANY OTHER INTEREST IN REAL PROPERTY OWNED BY
THE ASSOCIATION; OR

(V)  ACQUIRED IN CONNECTION WITH SALVAGING
THE VALUE OF AN INVESTMENT BY THE ASSOCIATION;

(8)  FURNISHINGS AND EQUIPMENT NECESSARY TO
CONDUCT ITS BUSINESS;

(9)  ANY LOAN TO MEMBERS OF COOPERATIVE HOUSING
PROJECTS IF THE LOAN IS SECURED BY THE ASSIGNMENT OF THE
MEMBER'S INTEREST IN A UNIT OF THE PROJECT, NOTWITHSTANDING
A PRIOR LIEN ON THE PROJECT;

(10)  DEPOSITS IN OR OBLIGATIONS OF ANY BANK
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION-

(11)  DEPOSITS IN OR OBLIGATIONS OF ANY FINANCIAL
INSTITUTION OF THIS STATE;

(12)  SECURITIES, OBLIGATIONS, OR OTHER
INSTRUMENTS, INCLUDING PARTICIPATIONS, OF:

(I)  THE FEDERAL NATIONAL MORTGAGE
ASSOCIATION;

(II)  THE STUDENT LOAN MARKETING
ASSOCIATION;

(III)  THE FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION;

(IV)  THE MARYLAND SAVINGS-SHARE INSURANCE
CORPORATION;

(V)  THE FEDERAL HOME LOAN BANK;

(VI)  GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION;

(VII)  FEDERAL HOME LOAN MORTGAGE
CORPORATION; OR

(VIII)  ANY OTHER AGENCY THAT THE BOARD OF
COMMISSIONERS APPROVES;

(13)  STOCK OR OBLIGATIONS OF A CORPORATION IF:

(I)  ONE OR MORE FINANCIAL INSTITUTIONS OWN
ALL THE CORPORATION'S STOCK; AND

(II)  THE CORPORATION'S ACTIVITIES
SUBSTANTIALLY CONSIST OF: