PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 709

SEC. 2. And be it enacted, That this act shall take effect
from the date of its passage.
Approved April 8, 1912.

CHAPTER 505.

AN ACT to amend the charter of the Mutual Loan Company, a
corporation, by extending its powers.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mutual Loan Company, a body corporate, incor-
porated by its act of incorporation, filed under the provisions of
Article 23, Public General Laws, title "Corporations," and
recorded in conformity with law, in addition to the General
powers conferred on it by its act of incorporation, shall have
the following additional powers:

I. To lend to its stockholders, money accumulated by it,
and to make .such loans upon real, leasehold, personal or other
security, and upon such terms, conditions, or under such con-
tracts, rules and regulations, including the payment of lawful
interest in advance, as its by-laws may set out; and to pur-
chase, sell, improve or otherwise deal in real estate or other
property, and to sell, convey, lease or mortgage the same for its
corporate purposes; and also to acquire, hold, sell, lease or
encumber all property taken by it as security or otherwise in
due course of business.

II. The said company shall have the right, and be entitled
to issue from time to time, investments and savings shares of
two classes, known respectively as "Class B" and "Class C"
shares, of the par value of $50.00 each, which shall be subject
to cancellation and redemption, as provided' by the by-laws.

(A) Class B Shares:—These shares shall be entitled to
receive out of the profits of the company a cumulative annual
dividend of 5 per cent., payable in cash, semi-annually, or
credited semi-annually on the books of the company, as shall be
provided in accordance with the by-laws of the company. In
the event said dividends are credited on the books of the com-
pany and not withdrawn in cash, as provided by the by-laws,
then in that event, when said book value thereof equals $100.00
per share, said stock shall be redeemable in cash in accordance
with said by-laws. The directors may, if they see fit, declare
additional dividends on these shares out of the profits of the
company, but nothing herein contained shall be construed to
give said shareholders any right, title or interest in any of said
profits above the 5 per cent, dividend herein provided.