3994

VETOES

[(iii)] (II) Any other insurer under a state
insurance program provided that the insurer is a member of the
National Association of State Savings Insurers;

[(iv)] (III) The Maryland Credit Union
Insurance Corporation; or

[(v)] (IV) The National Credit Union Share
Insurance Fund;

(19) Any investment permitted to a banking
institution in this State [provided that the savings and loan
association meets the conditions required of an investing banking
institution]; [and]

(20) OBLIGATIONS OF ANY BANK INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION; AND

[(20)] (21) Any other investment authorized by the
Board of Commissioners.

(c) This section does not prohibit a State-chartered
savings and loan association from making any ADDITIONAL
investment NOT OTHER THAN THOSE AUTHORIZED IN SUBSECTION (A) OF
THIS SECTION that is permissible for a federal savings and loan
association TO THE SAME EXTENT AND SUBJECT TO THE SAME CONDITIONS
AS A FEDERAL SAVINGS AND LOAN ASSOCIATION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

May 28, 1985
The Honorable Benjamin L. Cardin
Speaker of the House of Delegates
State House
Annapolis, Maryland 21404

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland
Constitution, I have today vetoed House Bill 683.

This bill provides that for Subchapter "S" corporations, the
portion of income attributable to nonresident owners on the basis
of relative shares held shall be subject to the corporation
income tax.