106

LAWS OF MARYLAND.

possess the further powers, rights and privileges, enlarge-
ments and franchises particularly mentioned in this Act, and
its said certificate shall be altered and amended so as to con-
form to the provisions of this Act.

SEC. 2. And be it enacted, That the said corporation shall
have perpetual succession — that it shall be managed by a
board of not more than nine directors, who shall be elected at
the annual meeting of stockholders, and shall serve for one
year, or until their successors are elected and qualified; that
the members present at any annual or special meeting, repre-
sented in person or by written proxy, shall constitute a quorum
for the transaction of all business.

May borrow
money.

SEC. 3. And be it enacted, That whenever the directors deem
it advisable for the best interest of the Association, that they
may borrow money from any individual, firm or corporation,
and evidence the same by a certificate of indebtedness under
the hands of its president and the common seal of the Asso-
ciation, or issue therefor bonds of, the Association with or
without coupons attached; and any monies borrowed under
this section shall be a first lien upon the assets of the Associa-
tion, and the directors may devote the receipts of the Asso-
ciation to paying off and cancelling such certificates or bonds,
whenever deemed advisable; provided that the Association
may not borrow to exceed the amount of capital stock actually
paid in on shares.

Capital stock.
How invested.

SEC. 4. And be it enacted, That the capital stock and accu-
mulated funds of the incorporation shall be invested in fee
simple real estate, leasehold mortgages, bonds, stocks of other
incorporated companies, individual securities and other evi-
dences of debt, or in such other property as the said Associa-
tion may deem profitable; and that said corporation be author-
ized and empowered to take, have, hold and enjoy all such
estates, real, personal or mixed, as may be obtained with the
money aforesaid, and, also, with any or all funds that may
come into its possession in course of its business dealings, and
may sell, grant, mortgage, lease and dispose of the same in its
discretion, will and pleasure, and execute, acknowledge and
deliver all deeds and legal instruments for the same.

Powers and
privileges.

SEC. 5. And be it enacted, That the following powers and
privileges also are granted the said corporation: First, to re-
ceive any personal property or estate, on storage or safe
deposit, on such terms or rate of charge as may be agreed
upon. Second, to purchase, invest in and sell any kind of