656

LAWS OF MARYLAND.

tion in relation to the convenient transaction of its
business, and such as shall be bona fide mortgaged
or conveyed to it by way of security, or in satis-
faction of debts contracted in the course of its
dealings or purchases at sale upon judgment which
shall have been obtained for such debt.

Convert into
shares.

Sec. 8. And be it enacted, That every weekly
depositor who shall have deposited one or more
dollars per week in the Mechanics' Loan and Sav-
ings Institute, for ten weeks or upwards in the
manner authorized by the Act, may at his or her
option, by signing an agreement to that effect in
a book to be provided and kept at the office of the
institution for the purpose, convert the same or
any adequate portion thereof into a share or shares
of the stock of the par value of ten dollars each,
which stock shall be a capital stock of the institu-
tion, and the deposits so converted into capital

Proviso.

stock shall not be liable to be withdrawn ; pro-
vided, always, that the number of shares of stock
which it shall be lawful thus to create, shall not
exceed ten thousand, and that the Directors of the
institution may limit the number to any amount
not less than two thousand five hundred ; the said
shares of stock shall be assignable by transfer by
the holders in person or by attorney in a book to
be kept for the purpose at the office of the institu-
tion, and shall be entitled to dividends of the
profits in common with the weekly depositors ; at
any general meeting of the institution for electing
Directors or for any other purpose, every member
whose weekly deposits shall have amounted to ten
dollars shall be entitled in person or by proxy to
give one vote for every share of stock or its equiv-
alent which he or she may hold at the time to the
amount or value of five shares, and to one vote on

Vote in per-
son or by
proxy.

every additional five shares to the amount or value
of not exceeding one hundred shares in all, and
to one vote for every additional ten shares there-
after to the amount or value of not exceeding two
hundred shares in all ; provided that no member
shall be entitled to hold at any one time more
than the amount of five hundred shares in the
funds of the institution, and a majority of all the
votes cast shall be required to elect any officer.

Sec. 9, And be it enacted, That the institution
hereby authorized shall be subject to all other re-