HARRY HUGHES, Governor

533

title.
(E) INVESTMENTS.
THE CORPORATION MAY INVEST ANY OF ITS FUNDS IN:

(1)   CASH OR DEPOSITS IN CHECKING OR SAVINGS
ACCOUNTS WITH OR CERTIFICATES OF DEPOSIT OF ANY BANK THAT IS
A MEMBER OF THE FEDERAL DEPOSIT INSURANCE CORPORATION;

(2)   SHARE SAVINGS ACCOUNTS OF ANY SAVINGS AND
LOAN ASSOCIATION TO THE EXTENT THE ACCOUNTS ARE INSURED BY
THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION;

(3)   OBLIGATIONS OF:

(I)   THE UNITED STATES, ANY STATE, OR ANY
OF THEIR COMMISSIONS, INSTRUMENTALITIES, AGENCIES,
AUTHORITIES, OR POLITICAL SUBDIVISIONS; 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;

(5)   ANY LOAN THAT IT BUYS FROM A MEMBER IF THE
LOAN IS SECURED BY A FIRST MORTGAGE ON OTHERWISE
UNENCUMBERED FEE SIMPLE REAL OR IMPROVED LEASEHOLD PROPERTY
IN THIS STATE;

(6)   GROUND RENTS IN THIS STATE; AND

(7)   LOANS SECURED BY ANY INVESTMENT AUTHORIZED
IN THIS SUBSECTION.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from Art. 23, §
161NN(b)(vi).

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 § 10-109 of this
title.

In item (1) of this subsection, "any bank" is
substituted for "national or State banking
institutions". In the original enactment of
present Art. 23, § 161NN(b)(vi)A., the word
"state" was capitalized both in instances where
it meant "of any state" as well as where it meant