534

LAWS OF MARYLAND

Ch. 33

only this State. In practice, the Corporation
interprets its powers to carry out its purposes,
and the intent of this title as being best served
by the authority to invest in any bank.

As to item (2) of this subsection, note that the
term savings and loan association is of general
usage here and is not the term defined elsewhere
in this article to mean only State-chartered
associations.

Also in item (2) of this subsection, the term
"savings" is substituted for "share" to conform
to current terminology.

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".

In item (7) of this subsection, the present term
" {c}ollateral" is deleted as included in the term
"secured", and the phrase "any investment
authorized in this subsection" is substituted for
"pledge of any security hereinabove named" as
being more precise.

Present Art. 23, § 161NN(b)(vii)I., which
provides that the Corporation may "invest" in
direct loans to its members, is deleted as
unnecessary in light of the similar power under
present Art. 23, § 161NN(b)(iv) — now subsection
{c)(1) of this section.

The term "Corporation" is defined in § 10—101 of
this title.

"Any state", "mortgage", and "real property" are
defined in § 1—101 of this article.

The General Assembly may wish to consider whether
item (5) of this subsection is too restrictive in
light of the reality that very little real
property is "otherwise unencumbered".

(F) BORROWING.