THOMAS SWANN, ESQUIRE, GOVERNOR. 933

Sec. 88. And be it enacted, That the payment of the unpaid installments on the share or shares so purchased or redeemed, with interest on the money paid therefor as aforesaid, and all fines and penalties incurred in respect thereof by any mem- ber, shall be secured to such corporation oy mort- gage on real or leasehold property, or by the hy- pothecation of stock of such corporation held by such member as may be provided in the articles of association or by-laws ; but in case of hypotheca- tion of stock, no greater sum of money shall at any time be drawn out by any member than shall have been already paid in by him on all his shares at the time of such hypothecation ; and any such	Payment to be secured.
mortgage and the mortgage debt created thereby, are declared to be exempt from taxation, the pro- perty so mortgaged to the corporation being taxed in the hands of the individual member or mort- gagor.	Exempt from taxation .
Sec. 89. And be it enacted, That on the trial of any action or other proceeding at law, or in equi- ty, in which the property or interest of any such corporation may be in any wise concerned, any member of such corporation shall be a competent witness, and shall not be objected to on account of any interest he may have as such member, in the result of any such action or proceeding.	Competent witness.
Sec. 90. And be it enacted, That any associa- tion of persons which may have been organized or established at any time prior to the adoption of this Article, on being made a body corporate, un- der the provisions of this Article, shall become merged in such corporate body thereby created, and every act done or to be done by any such un- incorporated association of persons, relating to the ends and purposes of such association, and all mortgages, bonds or other instruments, made to such association of persons, or to any person or per- sons to or for the use of such association of persons, or any member thereof as such, shall remain and continue in full force and virtue at law and in equity, in like manner as if such incorporated as- sociation of persons had originally been a body corporate. Sec. 91. And be it enacted, That any Trustee or Trustees, person or persons, to whom any such	Full force.