H.B. 207                                                  VETOES

(1)     Debentures issued by federal intermediate credit banks or by banks
for cooperatives;

(2)     Bonds issued by federal land banks or by the Federal Home Loan
Bank Board;

(3)     Mortgages, bonds, or notes secured by a mortgage or deed of trust, or
debentures issued by the Federal Housing Administration;

(4)     Obligations of national mortgage associations;

(5)     Shares, free-share accounts, certificates of deposit, or investment
certificates of any insured financial institution, as defined in § 13-301(h) of this
article;

(6)     Bonds or other obligations issued by a housing authority pursuant to
the provisions of Article 44A of the Code, or issued by any public housing authority or
agency in the United States, when such bonds or other obligations are secured by a
pledge of annual contributions to be paid by the United States or any agency of the
United States;

(7)     Obligations issued or guaranteed by the International Bank for
Reconstruction and Development;

(8)     Obligations issued or guaranteed by the African Development Bank;

(9)     Obligations issued or guaranteed by the International Finance
Corporation; or

(10)   United States government obligations, whether invested in directly,
or in the form of securities of, or other interests in, any open-end or closed-end
management type investment company or investment trust registered under the
provisions of the federal Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq.,
if:

(i) The portfolio of the open-end or closed-end management type
investment company or investment trust is limited to direct obligations of the United
States government and to repurchase agreements fully collateralized by United
States government obligations; and

(ii) The open-end or closed-end management type investment
company or investment trust takes delivery of that collateral, either directly or
through an authorized custodian.

(b) (1) In this subsection, "affiliate" has the meaning stated in 12 U.S.C. §
1841.

(2) A trust company in its fiduciary capacity may deposit in the trust
company or in a financial institution that is an affiliate of the trust company funds
awaiting investment or distribution unless the agreement or instrument that gives
the trust company investment authority provides to the contrary.

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