486

LAWS OF MARYLAND

Ch. 33

and other evidences of indebtedness" and the
present word (total net worth) "account" is
deleted as unnecessary.

"Board of Commissioners", "Division Director" and
"savings and loan association" are defined in §
9-101 of this title.

"Any state", "mortgage", and "real property" are
defined in § 1—101 of this article. In the
phrase "any other state", the word "other" is
added to the defined term in order to except
Maryland from the definition.

9-421. COMPETITIVE EQUALITY IN INVESTMENTS.

(A)       AUTHORITY IN GENERAL.

IN ADDITION TO INVESTMENTS PERMITTED BY §§ 9-419 AND
9-420 OF THIS SUBTITLE, SUBJECT TO THE APPROVAL OF THE
SECRETARY OF LICENSING AND REGULATION, THE BOARD OF
COMMISSIONERS BAY AUTHORIZE OTHER INVESTMENTS BY SAVINGS AND
LOAN ASSOCIATIONS THAT ARE NOT BORE THAN 20 PERCENT OF THE
ASSOCIATION'S TOTAL ASSETS, AS THE BOARD OF COMMISSIONERS
MAY DETERMINE.

(B)   PARALLEL TO FEDERAL.

AN AUTHORIZATION UNDER THIS SECTION SHALL BE TO THE
SAME EXTENT AND UNDER THE SAME CONDITIONS PERMITTED BY
FEDERAL LAW TO ANY FEDERAL ASSOCIATION.

(C)   LIMITATION ON MORTGAGES.

THE BOARD OF COMMISSIONERS MAY NOT AUTHORIZE
INVESTMENTS IN MORTGAGES OUTSIDE THIS STATE EXCEPT AS
PROVIDED IN § 9-419(2) OF THIS SUBTITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
161Z(b-1).

As to subsection (a) of this section, the present
provision that the Board "may authorize
associations to invest in other investments not
to exceed 20 percent of total assets as it
determines" presents an ambiguity as to whether
the Board may determine the types of investments
or may determine the percent of total assets that
could be invested under a 20 percent ceiling.
Ch. 200, Acts of 1974 indicates that the phrase
"not to exceed 20 percent of total assets" was an
amendment inserted in the original phrase of the
bill — "other investments as it determines". On
the advice of the Board of Commissioners, the
revision interprets the Board's authority as
relating to a determination of the percentage of