186

LAWS OF MARYLAND.

fers, contracts, covenants, conveyances and grants
whatsoever; to have, make and use a common
seal, and the same to change and renew at plea-
sure, and generally to do every other act or thing
necessary to carry into effect the provisions of this
Act, or to promote the objects and designs of said
corporation.

Hold real
estate.

Sec. 2. And be it enacted, That the real estate
which it shall be lawful for the said corporation
to purchase, hold and convey shall be, first, such
as shall be requisite for its accommodation in the
transaction of its business ; second, such as shall
have been conveyed to it by mortgage or otherwise
in good faith for money loaned in pursuance of the
provisions of this Act ; third, such as shall have
been purchased at sales upon judgment or decrees
obtained or rendered for money so loaned ; and
the said corporation shall not purchase, hold or
convey real estate in any other case or for any
other purpose, and all such real estate as is de-
scribed in the second and third sub-divisions of
this Section shall be sold by the said corporation
within two years after the same shall be vested in
it by purchase or otherwise, and the said corpora-
tion shall not directly or indirectly deal or trade
in any goods, wares or merchandise whatever, ex-
cept such personal property as may be requisite
for its accommodations in the transaction of its
business.

Serve with-
out pay.

Sec. 3. And be it enacted, That the Directors,
of said corporation shall not, as such, directly or
indirectly receive any pay or emoluments for their
services.

Directors.

Sec. 4. And be it enacted, That the business of
the said corporation shall be inaugurated by the
said Board of Directors, who shall, within six
months after their organization, and annually
thereafter in the month of May, elect from their

President.

number a President and Treasurer, and from time
to time appoint other officers as they may see fit ;
four of said Directors, of whom the President or
Treasurer shall be one, shall form a quorum for
the transaction of business, and the affirmative
vote of at least four members of the Board shall
be requisite in making any order for or authoriz-
ing an investment of any money, or the sale or