HARRY HUGHES, Governor

387

COMMISSION, INSTRUMENTALITY, AGENCY, AUTHORITY, OR POLITICAL
SUBDIVISION; AND

(II) ANY CORPORATION THAT IS INCORPORATED
UNDER THE LAWS OF THE UNITED STATES OR OF ANY STATE;

(4)   READILY MARKETABLE, DIVIDEND-PAYING SHARES
OF ANY CORPORATION THAT IS INCORPORATED UNDER THE LAWS OF
THE UNITED STATES OR OF ANY STATE, EXCEPT THAT IT MAY NOT
INVEST MORE THAN 10 PERCENT OF ITS TOTAL ASSETS IN THESE
SHARES NOR MORE THAN 3 PERCENT OF ITS TOTAL ASSETS IN THE
SHARES OF ANY ONE CORPORATION; AND

(5)   ANY OTHER INVESTMENTS, INCLUDING COMMON
TRUST INVESTMENTS, THAT ARE PERMITTED BY LAW OR AUTHORIZED
BY THE BANK COMMISSIONER FOR CREDIT UNIONS.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from Art. 23, §
452(b) (6) (i) through (v), (vii), and (viii).

In the introductory clause of this subsection,
the present reference to "proper authorization by
the board of directors" is deleted as
unnecessary, in light of the general management
authority of the board under § 7-109 of this
title.

In item (1)(i) of this subsection, "any bank" is
substituted for "national or State banking
institutions", for conformity to the similar
provisions as to the power of the Maryland
Savings-share Insurance Corporation.

In item (3) of this subsection, the present terms
"bonds", "notes", "bills", and "certificates of
indebtedness" are deleted as included in the term
"obligations".

Also in item (3) of this subsection, the present
phrase "having legal authority to issue the same"
is deleted as unnecessary.

In item (4) of this subsection, the term
"dividend—paying" is substituted for
"interest-bearing".

Also in item (4) of this subsection, the term
"stock" is deleted as included in the term
"shares".

The term "any state" is defined in § 1-101 of
this article.

Present Art. 23, § 452(b)(6)(vi), which
authorizes loans to credit unions, is deleted as
unnecessary in light of the similar provisions of