JOHN WALTER SMITH, ESQ., GOVERNOR.

direct for the purpose of receiving such subscriptions, and as
soon as one-half of the capital stock shall have been sub-
scribed for, the said commissioners, or a majority of them,
may call a general meeting of the subscribers for the purpose
of organizing and electing a board of directors.

487

SEC. 6. And be it enacted, That when the said corporation
shall have been organized and the board of directors elected,
and when the said board of directors shall have been organized
by the election of the necessary officers, and when thirty per
cent, of the capital has been paid in, and not before, the said
corporation may proceed to do business and exercise the
powers conferred by this Act.

When
organized.

SEC. 7. And be it enacted, That the said corporation shall
be and is hereby authorized either for itself or as agent to buy,
sell, lease or otherwise acquire and hold real and personal
property in the State of Maryland or elsewhere, as fully
and completely as a natural person, to loan money upon pur-
chase, sell or issue bonds or mortgages or debenture bonds
upon the security of real or personal estate in the State of
Maryland or elsewhere; to loan money upon real or personal
security; to loan money and to make advances secured by
mortgages, to be paid upon such terms, at such time and in
such installments as may be approved bv said corporation;
to loan and borrow money for any of the corporate purposes
of said corporation; to receive money on deposit; to have
discretionary power to invest at its pleasure its capital stock
and all moneys received in the course of its business transac-
tions, and to take, have, hold and enjoy all such estates, real
orpersonal; as may be obtained with the moneys aforesaid,
and to execute, acknowledge and deliver all deeds and legal
papers and any instruments concerning the same; to collect
ground rents, interest on mortgages, dividends and incomes

Authority to
act as agent,
buy, sell and
hold property,
etc.

of all kinds, and to have the management and custody of all
kinds of property upon such terms as it may arrange; that said
corporation shall be subject at all times to the provisions of
the Acts of eighteen hundred and ninety-two, Chapter one
hundred and nine, and shall be further subject to the Acts of
eighteen hundred and ninety-two, Chapter two hundred and
seventy-nine.

Sac. 8. And be it enacted, That this Act shall take effect
from the date of its passage.

Approved April 5, 1900.

Management
and custody of
property.