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Authority to
take in its own
name title to
real property
and issue
certificates,
etc
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SEC. 12. And be it enacted, That said corporation may
take in its own name the title to real or leasehold property
and issue certificates therefor under its corporate seal to the
owners thereof, guaranteeing' said title to be marketable and
free from liens and encumbrances, which certificates shall
represent the equitable title to said property, and shall be
negotiable by endorsement in writing and delivery thereof,
and said corporation may loan money on said certificates upon
such terms as it may agree on with the holders of the same;
said corporation shall at the request, in writing, of the holder
of such certificates, upon surrender thereof, convey the prop-
erty represented thereby to such holders, and said corpora-
tion shall not make any disposition of the property so
conveyed to it, unless at the request and with the consent in
writing of the holders of the outstanding certificates upon said
property; and the execution, acknowledgment and delivery
by said corporation of any deed or assignment of any prop-
erty, real or leasehold, which may have been granted or
assigned to it under this section, shall be prima facie, evi-
dence that the grantee or assignee thereof was the bona fide
holder of the last certificate issued therefor by said corpora-
tion hereunder; and said corporation may make all necessary
rules and regulations governing the conveyance to and from it
of property, real or leasehold, under this section, and for the
issuing, transfer, cancellation and reissuing of certificates
therefor, compensation for its services in the premises to be as
agreed upon with the owner of such property.
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Power to enact
rules, by-laws,
etc.
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SEC. 13. And be it enacted, That the stockholders of said
corporation hereby created shall have power to enact and
adopt such rules and regulations and by-laws for the govern-
ment and management of the affairs of said corporation as
they shall deem advantageous to the interest thereof; pro-
vided, the same be not contrary to the law of the land.
SEC. 14. And be it enacted, That the said corporation
shall be subject to the provisions of Chapter one hundred and
nine of the Acts of eighteen hundred and ninety -two, as
amended by Chapter one hundred and sixty of the Acts of
eighteen hundred and ninety-six, and to Chapter two hun-
dred and seventy -nine of the Acts of eighteen hundred and
ninety-two, and to all general laws applicable to transactions
of a nature similar to that mentioned in this Act.
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