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LAWS OF MARYLAND

Ch. 49

and other fiduciaries, pension, profit-sharing, and
retirement funds.

(b) Any mortgage on industrial projects approved by
the Authority may be negotiable, and, in the case of
mortgages insured in whole or in part by the Authority, the
insurance agreement between the Authority and the mortgagee
shall inure to the benefit of any purchaser, assignee or
other holder of any mortgage so negotiated.

266Y.

The Authority shall keep proper records of accounts and
shall make an annual report of its condition and operations
to the Governor.

266Z.

(a)   If from time to time in the opinion of the
Authority and the Secretary of Economic and Community
Development the addition of moneys to the mortgage insurance
fund shall be required, the Authority in writing shall
request the Board of Public Works to provide sufficient
moneys to maintain its reserve at a level deemed adequate by
the Authority, and upon receipt of such request, said Board
may pay over the amount so requested from its emergency
fund.

(b)  If at any time the amount of funds credited to the
mortgage insurance fund exceeds an amount deemed adequate by
the Authority to meet its obligations, the excess shall,
upon resolution duly adopted by the members of the
Authority, be paid to the Treasurer of the State of
Maryland.

266AA.

No member of the Authority may participate in any
decision on any contract of insurance in which he has any
interests, direct or indirect, in any firm, partnership,
corporation, or association which would be the mortgagee,
whose loan to a mortgagor is insured in whole or in part by
the Authority, or if he has any interest, direct or
indirect, in any firm, partnership, corporation or
association which would rent, lease or otherwise occupy the
premises constructed by the mortgagor where the mortgage is
insured in whole or in part by the Authority, or if he is a
director or officer or otherwise associated with the local
development corporation whose mortgage is insured in whole
or in part by the Authority.

266BB.

For the purpose of establishing the mortgage insurance
fund and for the initial expenses in establishing the
Authority as herein provided, the Governor shall place in
the budget bill an item of one hundred thousand dollars