600
Attorney.
Capital stock.
Payable.
To provide
by laws, &c.
Bight to pay
premium and
hold policy.
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LAWS OF MARYLAND.
faithful collection of all funds due the association,.
and for the deposit of same in bank, to be designated
by the President and Board, in the name of the
President, Directors and company of this associa-
tion, which bond shall, with two or more sureties,
be accepted on-ejected by the hoard. He shall keep
a correct account of the moneys so received, and re-
port Ilia deposits weekly to the hoard; he shall sign,
with the President, all checks authorized by the
board, and annually, in March, furnish a full state-
ment of the finances of the association.
SEC. 7. And he it enacted. That the Attorney to
tills association shall examine all titles for the asso-
ciation, prepare all conveyances, both to and from
same, furnish opinions when required, prosecute all
claims of and defend all suits for the association.
SEC. 8. And be it enacted, That the capital stock of
this association shall consist of one million dollars,
divided into one thousand shares of one thousand-
dollars each share, payable in monthly installments
of eight dollars thirty-three and one-third cents each;
that no member of this association shall be permitted
to take over twenty shares; and as soon as twenty
shares are subscribed to the capital stock, the asso-
ciation shall organize by electing their officers, -who
shall hold their offices until the first annual meeting
in April, eighteen hundred and seventy-three.
SEC. 9. And he it enacted, That the President and
Directors shall provide by-laws for forfeiture of
shares, foreclosing; of mortgages, &c., they may give
the note of the association for deferred payments on
property, or for money loaned by capitalists to the
association, but nothing herein contained shall au-
thorize them to exercise or use hanking privaleges.
SEC. 10. And be it enacted, That this association
1 shall have the right to pay the premium and hold an
insurance policy upon the life of any of its members
for the amount due said association on mortgage,
and upon the death of a member and payment of his
policy to the association, shall release the said mort-
gage, and the stock shall revert to the association
able again to be issued, and all members who be'
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