Ch. 737 1997 LAWS OF MARYLAND

INVESTMENT COMPANIES, INSURANCE ASSOCIATIONS AND OTHERS CARRYING ON
AN INSURANCE BUSINESS, PERSONAL REPRESENTATIVES, ADMINISTRATORS,
EXECUTORS, GUARDIANS, TRUSTEES, OTHER FIDUCIARIES, AND OTHER PERSONS
MAY LEGALLY AND PROPERLY INVEST FUNDS, INCLUDING CAPITAL IN THEIR
CONTROL OR BELONGING TO THEM. THE BONDS ARE SECURITIES WHICH PROPERLY
AND LEGALLY MAY BE DEPOSITED WITH AND RECEIVED BY ANY POLITICAL
SUBDIVISION OR ANY OFFICER OF THE STATE OR OF ANY POLITICAL SUBDIVISION
FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR OTHER OBLIGATIONS OF
THE STATE IS AUTHORIZED BY LAW.

5-1210. 5-1208.

(A) EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, THE
CORPORATION MAY NOT BE REQUIRED TO PAY ANY TAXES OR ASSESSMENTS UPON
ITS PROPERTIES OR ACTIVITIES OR UPON ANY REVENUES THEREFROM.

(B) WHENEVER THE CORPORATION SELLS OR LEASES LAND OR FACILITIES
TO ANY PRIVATE ENTITY OR ENTITIES, THE LAND OR FACILITIES SHALL BE SUBJECT
TO STATE AND LOCAL PROPERTY TAXES FROM THE TIME OF THE SALE OR LEASE.

(C) THE BONDS OF THE CORPORATION AND THE INTEREST ON THE BONDS
ARE FOREVER EXEMPT FROM ALL STATE, MUNICIPAL, AND LOCAL TAXATION.

5-1211. 5-1209.

(A) (1) THE CORPORATION MAY PROVIDE FOR THE CREATION,
CONTINUATION, AND ADMINISTRATION OF ANY FUNDS IT MAY REQUIRE.

(2) MONEY IN THESE FUNDS AND OTHER MONEY OF THE
CORPORATION SHALL BE DEPOSITED, AS DIRECTED BY THE CORPORATION, IN ANY
STATE OR NATIONAL BANK, OR FEDERALLY OR STATE INSURED SAVINGS AND LOAN
ASSOCIATIONS LOCATED IN THE STATE HAVING A TOTAL PAID-IN CAPITAL OF AT
LEAST $1,000,000.

(3) THE TRUST DEPARTMENT OF ANY STATE OR NATIONAL BANK OR
SAVINGS AND LOAN ASSOCIATION MAY BE DESIGNATED AS A DEPOSITORY TO
RECEIVE ANY SECURITIES ACQUIRED OR OWNED BY THE CORPORATION.

(B) ANY MONEY OF THE CORPORATION IN ITS DISCRETION AND UNLESS
OTHERWISE PROVIDED IN ANY AGREEMENT OR COVENANT BETWEEN THE
CORPORATION AND THE HOLDERS OF ANY OF ITS OBLIGATIONS LIMITING OR
RESTRICTING CLASSES OF INVESTMENTS, MAY BE INVESTED IN BONDS OR OTHER
OBLIGATIONS OF, OR GUARANTEED AS TO PRINCIPAL AND INTEREST BY, THE
UNITED STATES OR THE STATE OR IN THE POLITICAL SUBDIVISIONS OR UNITS.

(C) (1) THE CORPORATION SHALL MAKE PROVISION FOR A, SYSTEM OF
FINANCIAL ACCOUNTING, CONTROLS, AUDITS, AND REPORTS.

(2) THE FISCAL YEAR OF THE CORPORATION SHALL BE JULY 1 TO JUNE

30.

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