HARRY HUGHES, Governor

1121

(F) REAL ESTATE INVESTMENTS IN OTHER STATES.

(1) EXCEPT FOR INVESTMENTS AUTHORIZED UNDER

SUBSECTION (A)(11) OF THIS SECTION AND PARAGRAPH (2) OF THIS
SUBSECTION, DIRECT OR INDIRECT INVESTMENTS IN REAL ESTATE
AUTHORIZED UNDER THIS SECTION SHALL BE LIMITED TO REAL ESTATE
LOCATED IN THIS STATE, THE COMMONWEALTH OF PENNSYLVANIA, THE
COMMONWEALTH OF VIRGINIA, THE STATE OF DELAWARE, THE STATE OF
WEST VIRGINIA, AND THE DISTRICT OF COLUMBIA.

(2) ASSOCIATIONS INSURED BY THE FEDERAL SAVINGS AND
LOAN INSURANCE CORPORATION MAY INVEST NO MORE THAN 10 PERCENT OF
THEIR ASSETS IN REAL ESTATE LOCATED OUTSIDE OF THE AREA DESCRIBED
IN THIS SUBSECTION BUT WITHIN THE UNITED STATE.

(F) REAL ESTATE INVESTMENTS IN OTHER STATES.

(1) EXCEPT FOR INVESTMENTS AUTHORIZED UNDER
SUBSECTION (A)(11) OF THIS SECTION. AN ASSOCIATION THAT IS
INSURED BY THE MARYLAND DEPOSIT INSURANCE FUND MAY INVEST
DIRECTLY OR INDIRECTLY UNDER THIS SECTION IN REAL ESTATE LOCATED
IN THIS STATE. THE COMMONWEALTH OF PENNSYLVANIA. THE COMMONWEALTH
OF VIRGINIA, THE STATE OF DELAWARE, THE STATE OF WEST VIRGINIA.
AND THE DISTRICT OF COLUMBIA.

(2) AN ASSOCIATION THAT IS INSURED BY THE FEDERAL
SAVINGS AND LOAN INSURANCE CORPORATION MAY INVEST, DIRECTLY OR
INDIRECTLY, NO MORE THAN 20 PERCENT OF THEIR ASSETS, IN REAL
ESTATE LOCATED IN THE STATES OF ALABAMA, ARKANSAS, DELAWARE,
FLORIDA, GEORGIA, KENTUCKY, LOUISIANA, MARYLAND, MISSISSIPPI,
NORTH CAROLINA, SOUTH CAROLINA, TENNESSEE, AND WEST VIRGINIA, THE
COMMONWEALTHS OF PENNSYLVANIA AND VIRGINIA, AND THE DISTRICT OF
COLUMBIA.

(3) EXCEPT AS TO THOSE STATES AND JURISDICTIONS
ENUMERATED IN PARAGRAPHS (1) AND (2) OF THIS SUBSECTION. AN
ASSOCIATION THAT IS INSURED BY THE FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION MAY INVEST, DIRECTLY OR INDIRECTLY, NO MORE
THAN 10 PERCENT OF THEIR ASSETS IN REAL ESTATE LOCATED IN STATES
WITHIN THE UNITED STATES.

(G) NOTHING IN THIS SECTION MAY BE CONSTRUED TO AFFECT THE
VALIDITY OF ANY INVESTMENT MADE BY A SAVINGS AND LOAN ASSOCIATION
BEFORE JUNE 1, 1986 IN ACCORDANCE WITH THE PROVISIONS OF THIS
SECTION AS THEY EXISTED BEFORE JUNE 1, 1986.

[9-419.1. Priority of investments.

In its investments under Section 9-419 of this subtitle, a
savings and loan association shall give priority to first
mortgages for owner-occupied residences in the State.]

[9-420. Competitive equality.