HARRY HUGHES, Governor

485

In item (1) of this section, the defined term
"any state" is substituted for the phrase "in
other states and the District of Columbia" to
avoid an implication that a participation within
this State is prohibited.

As to item (2) (iii) of this section, on the
advice of the Board of Commissioners, the
revision interprets present Art. 23, § 161Z(b) (1)
to include the 50 percent limitation also on
loans insured or guaranteed by the federal
government. The present provision only implies
this.

In item (3) of this section, the present term
"securities" is deleted as included in the terms
"stock or obligations" and the term "capital"
(stock) is deleted as unnecessary.

In item (3)(ii)2. of this section, the present
terms, "bookeeping, accounting, statistical" are
deleted as included in the phrase "clerical
functions".

In item (4) of this section, the present phrase
"bonds, notes or other evidences of indebtedness"
is deleted as included in the phrase "general
obligations".

In items (5) and (6) of this section, the present
provisions that the loans may be a second lien on
real property whether or not the association
holds the first lien is deleted as unnecessary
since the loans in each item may be unsecured.

In item (6) of this section, the phrase "home
improvement loan" is substituted for "loans for
construction of".

In item (6)(ii) of this section, the present term
"improvements" is deleted as included in the
phrase "home repairs, alterations, or additions".

In item (7) of this section, the present
definition for mobile home is deleted as
unnecessary.

In item (8) of this section, the present term
"insured" (association) is deleted as included in
the phrase "insured deposits".

Also in item (8) of this section, the phrase "of
any state or of the United States" is added for
clarity.

In item (9) of this section, the term
"obligation" is substituted for "bonds, notes,