ART. 26.] CORPORATIONS. 155

incorporation, may be required to pay on subscribing, such bonus
or assessment as may from time to time be fixed or assessed, in
such manner as may be provided by the corporation, in order to
place such new member or stockholder on a footing with the
original members and others holding stock at the time of such
application.

35. Such corporation may at any time in advance of the period
of time at which such corporation may cease to exist according
to the plan contained in the original articles of association,
advance to any member thereof, for such premium as may be
agreed upon, the sum which he would be entitled to receive upon
the dissolution of the corporation, for any number of shares
therein held, or may purchase from any member thereof the
share, or any number of the shares, of the stock held by him, at
such price or sum as, according to the articles of association,
such member may agree to receive, and on payment of said sum
of money, may receive from such member security as mentioned
in the next succeeding section of this article for the payment by
such member to such corporation of the unpaid instalments to be
paid on the share or shares of stock so sold or redeemed, together
with interest at the rate of six per cent, per annum on the sum
so paid or advanced, at such times and subject to such fines and
penalties for the non-payment thereof as may be prescribed in
the articles of association.

36. The payment of the unpaid instalments to be paid 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 such member, shall be secured
to such corporation by mortgage on real or leasehold property,
or by the hypothecation of stock of such corporation held by
such member as may be provided in the articles of association,
but in case of each hypothecation 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 mortgage, and the mortgage
debt intended to be secured thereby, are declared to be exempt
from taxation, the property so mortgaged to the corporation
being taxed in the hands of the individual member or mortgagor.

37. On the trial of any action or other proceeding at law or in

equity in which the property or interest of any such corporation
may be in any wise concerned, any member of such corporation