100

LAWS OF MARYLAND.

CHAPTER 94.
A.N ACT to extend the privilege and amend the Charter of
the Laurel Building Association of Prince George's
County, a corporation incorporated under the General Laws
of this State.

Further
powers.

Laurel
Building Asso-
ciation.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Laurel Building Association of Prince George's
County, a corporation incorporated under the general incor-
poration laws of this State, in addition to the power it pos-
sesses under its certificate of incorporation, and the powers
granted to Building or Homestead Associations under Article
23 of the Code of Public General Laws of Maryland, shall
have also the following powers, to wit: Said corporation shall
have perpetual succession, sue and be sued, and have and use
a common seal, shall be governed by the Constitution and by-
laws already adopted by the members of said association, and
may change the same in accordance with its provisions.

Capital stock.

SEC. 2. And be it enacted, That the capital stock of said
corporation is hereby increased to a sum not exceeding six
thousand shares, at a par value of one hundred dollars per
share; provided, that no one person shall hold more than one
hundred shares of stock; that the entrance fee shall be one
dollar, to be paid by each stockholder hereafter taking stock
at the time of entrance, without regard to the number of shares
taken, and instalments shall be at least one dollar per share,
to be paid monthly on the day designated by the Constitution
and by-laws of said corporation.

May secure
payment.

SEC. 3. And de it enacted, That the corporation in advanc-
ing money to any member thereof under Sections 98, 99 and
103, of Article 23, of the Code of Public General Laws, may
secure the payment as provided in said sections of dues, inter-
est, premium and fines, and forfeitures by mortgages or deeds
of trust on real or leasehold property situated within the State
of Maryland or the District of Columbia, interest to be at the
rate of six per cent, per annum on the sum advanced, and such
premiums as may be agreed upon.

May invest
funds in bonds
etc.

SEC. 4. And be it enacted, That the Board of Directors of
said corporation, whenever funds shall remain in hand, or be
in hand, from accumulations of payments by the members
thereof, which cannot, in the judgment of the Board, be satis-
factorily invested by advance to members, as per above sec-
tion, shall have the power to invest said funds in bonds,
mortgages or other good securities, in the discretion of its