480

LAWS OF MARYLAND

Ch. 33

The provisions in present Art. 23, §§ 149 and 154
that relate to fines and forfeitures now appear
in § 9-315 of this title.

The last clause of present Art. 23, § 149(a),
which provides for issuance of full paid—up
shares, is deleted as unnecessary. The last
clause of present Art. 23, § 154, which provides
for the cancellation of shares, now appears in §
9-312 of this title.

9-419. INVESTMENTS AUTHORIZED.

SUBJECT TO THE FIRST MORTGAGE PRIORITY UNDER § 9-422 OF
THIS SUBTITLE AND THE RULES AND REGULATIONS OF THE BOARD OF
COMMISSIONERS, A SAVINGS AND LOAN ASSOCIATION MAY INVEST IN:

(1)   ANY LOAN THAT IS SECURED BY A FREE SHARE
ACCOUNT IN THE ASSOCIATION TO THE EXTENT OF THE WITHDRAWAL
VALUE OF THE ACCOUNT;

(2)   ANY MORTGAGE THAT IS:

(I)  1. A FIRST LIEN ON REAL PROPERTY; OR

2. A SECOND LIEN ON ANY REAL
PROPERTY ON WHICH THE ASSOCIATION HOLDS THE FIRST LIEN; AND

(II)   ON REAL PROPERTY THAT IS:

1.   IN THIS STATE;

2.   IN ANY OTHER STATE, IF THE
PROPERTY IS WITHIN 50 MILES OF ANY OFFICE OF THE ASSOCIATION
IN THIS STATE; OR

3.   WHEREVER LOCATED, IF THE MORTGAGE
IS INSURED OR GUARANTIED BY THE FEDERAL GOVERNMENT OR ANY OF
ITS AGENCIES OR INSTRUMENTALITIES;

(3)   ANY PARTICIPATION INTEREST IN A LOAN WITH A
SAVINGS AND LOAN ASSOCIATION LOCATED IN THIS STATE OR WITH
AN AGENCY OR INSTRUMENTALITY OF THE FEDERAL GOVERNMENT IF:

(I)   THE LOAN IS SECURED IN ACCORDANCE WITH
ITEM (2) OF THIS SECTION; AND

(II)   THE PARTICIPATION DOES NOT EXCEED 50
PERCENT OF THE TOTAL AMOUNT OF THE LOAN;

(4)   ANY GROUND RENT IN THIS STATE;

(5)   ANY GENERAL OBLIGATION OF OR GUARANTEED AS
TO PRINCIPAL AND INTEREST BY:

(I) THIS STATE OR ANY OF ITS POLITICAL