HARRY HUGHES, Governor

3619

(D) THE STATE TREASURER SHALL INVEST THE MARYLAND
STATE APPALACHIAN HOUSING FUND II, THE MANNER PROVIDED BY LAW
WITH ALL INTEREST EARNED OR GAINS REALIZED FROM SUCH
INVESTMENTS TO BE CREDITED TO THE MARYLAND STATE APPALACHIAN
HOUSING FUND.

[(b)] (E) In addition to and not in derogation of the
grant of powers provided by subsection (a) hereinabove, the
said Secretary of Economic and Community Development, with
the approval of the Governor shall appoint a State member to
the. federal "Appalachian Regional Commission" • and an
alternate thereto, both of whom shall receive such salary or
compensation as provided in the budget from time to time.
The State members shall be reimbursed for expenses incurred
while engaged in the performance of their duty in accordance
with standard travel regulations. The State member, or his
alternate as the case may be is authorized to certify to the
Commission "a local development commission" and to perform
any and all acts required and necessary to carry out the
provisions of this or said "Appalachian Regional Development
Act of 1965," as amended from time to time.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 643

(House Bill 742)

AN ACT concerning

Life Insurance - Reserve Investments

FOR the purpose of providing for investment in certain
limited partnerships formed for the development or
ownership of certain real estate to be eligible reserve
investments for life insurance companies and increasing
the percentage of assets that life insurance companies
may invest in such limited partnerships or other real
estate; and limiting the amount of a limited
partnership interest which an insurer may count towards
its cash reserves.

BY repealing and reenacting, with amendments,

Article 48A - Insurance Code

Section 96(12)

Annotated Code of Maryland