1004

LAWS OF MARYLAND.

SEC. 4. And be it enacted, That the said corporation shall

Management.

be governed by a constitution and managed by a board of

directors who shall be non-redeeming stockholders to the ex-

tent of not less than five hundred dollars, upon which not less

than one hundred dollars shall have been paid in, who shall be

elected annually j as may be provided for from time to time by

the constitution and by-laws of the said association by the

stockholders, each non-redeeming stockholder being entitled

to as many votes as he has shares upon which he has paid ten

per centum of the par value, voting in person or by proxy ; a

majority of the voting stock constitutes a quorum; the direc-

tors so elected shall serve for one year or until their successors

are elected and qualified.

SEC. 5. And be it enacted, That the capital stock and ac-

How capital

cumulated funds of the association shall be invested in fee simple

stock may be
invested.

real estate and leaseholds, mortgages, bonds, stocks of other

incorporated companies, individual securities and other evi-

dences of debt, or in such other property as said association

may deem profitable; that said corporation be authorized and

empowered to take, have, hold and enjoy all such estate, real,

personal or mixed, as may be obtained with the money afore-

said, and also with any and all other funds that may come into

its possession in course of its business dealings, and may sell,

grant, mortgage, lease and dispose of the same in its discretion,

will and pleasure, and execute, acknowledge and deliver all

deeds and legal instruments for the same.

SEC. 6. And be it enacted, That the following powers and

Further privi-

privileges are also granted the said association : First, to pur-

leges granted

chase, invest and sell any kind of property, real, personal or

mixed, and to execute deeds, conveyances or assignments or

transfers therefor ; second, to receive deposits of money, securi-

ties and other property from any person or corporation, and to

accumulate the same, and to issue certificates of deposit there-

for, payable at such time and on such terms and allowing such

rates of interest therefor as may be agreed upon, not exceeding

the legal rate of interest ; provided, such certificate or bonds do

not at any time exceed twice the amount of the capital stock

actually paid in ; third, to loan money on promissory and nego-

tiable notes, bills, obligations or other evidences of debt, and

to borrow money at such rates of interest, not exceeding the

legal rate, and on such terms as may be agreed upon, and to

Issuance of

issue therefor the obligations or bonds of the said association,

bonds.

with or without coupons attached.