1118                                          LAWS OF MARYLAND                                      Ch. 282

(ii) The investment is not more than 5 percent
of the association's savings liability;

(7)  Real property that is:

(i) Reasonably anticipated to be necessary or
convenient to conduct its business, whether or not the property
is also income producing in part[;]. UNLESS THE DIVISION
DIRECTOR HAS GIVEN HIS PRIOR WRITTEN APPROVAL, AN INVESTMENT
ENUMERATED IN THIS SUBPARAGRAPH (I) MAY NOT BE MADE BY THE
ASSOCIATION IN REAL PROPERTY THAT THE ASSOCIATION OCCUPIES FOR
ITS OFFICES AND TRANSACTION OF ITS BUSINESS;

(ii) Bought at auction sale if the association
has any lien or claim on the property;

(iii) Accepted in satisfaction of an
obligation;

(iv) Acquired by the association in an exchange
for any other interest in real property owned by the association;
or

(v) Acquired in connection with salvaging the
value of an investment by the association;

(8)  Furnishings and equipment necessary to conduct
its business;

(9)  Any loan to members of cooperative housing
projects if the loan is secured by the assignment of the member's
interest in a unit of the project, notwithstanding a prior lien
on the project;

(10)  Deposits in OR FEDERAL FUNDS OF. INCLUDING
UNSECURED DAYS FUNDS, IN [or obligations of any bank] ANY
FINANCIAL INSTITUTION insured by the Federal Deposit Insurance
Corporation OR THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION
TO THE SAME EXTENT AND SUBJECT TO THE SAME CONDITIONS AS A
FEDERAL SAVINGS AND LOAN ASSOCIATION;

[(11) Deposits in any other financial institution,
provided each deposit is insured by one of the following:

(i) The Federal Savings and Loan Insurance
Corporation;

(ii) The Maryland Savings-Share Insurance
Corporation;

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