1114

LAWS OF MARYLAND.

and amended by the directors or a majority of them; and such

by-laws so made in accordance with the objects of this Act

shall be legal and binding until altered, amended or repealed.

SEC. 9. And be it enacted, That the corporation shall have

General

power to purchase and hold, bargain and sell, grant, assign

powers of a
corporation.

and convey land or any interest or estate therein, chattels,

choses in action, checks, notes, bills receivable, bills payable,

bills of exchange, due bills certificates of deposit, warehouse

receipts, stocks, bonds, mortgages on real, leasehold or chattel

property and every evidence of debt ; to advance money upon

the security thereof by receiving and holding the same on such

terms as may be agreed upon or established by the said corpo-

ration, or of accepting mortgages or other liens thereon, and

generally to deal in every and all descriptions of property

or properties, personal effects, securities, mortgages, bonds,

certificates of indebtedness, stock of incorporated companies,

notes, loans or bonds of the United States, or of any State,

city, county or municipality, or of any incorporated company,

copartnership, joint stock company or individual, upon such

terms as may be agreed upon or established by said corporation.

SEC. 10. And be it enacted, That the said corporation is

hereby authorized and empowered to establish and maintain

a separate department from its other business in which it may

To receive

receive money from any individual, to be paid in fixed period-

funds and

ical instalments or assessments, as may be provided by the

issue certifi-
cate therefor.

by-laws of said corporation, and may issue certificates therefor

in shares of the par value of one hundred dollars each, to any

amount not exceeding one million dollars, par value, at any

time, and may mature the same by the accumulation of a fund

derived from said assessments and moneys obtained from the

investment thereof; and shall have power to lend such funds

so accumulated to the shareholders or members thereof, for

their use and benefit in acquiring real estate, erecting houses

thereon and removing encumbrances therefrom, and may repay

to each shareholder his savings when his shares have reached

par, or at any time when the said company may desire to repay

the same. The said instalment shares shall not be liable for

any of the obligations assumed by said corporation on account

of its other business undertakings, nor shall they participate

in any part of the earnings therefrom. And as to the management,

uses and disposition of the moneys received upon the shares

Similar rights
as are grant-

hereby authorized to be issued, this corporation shall possess

ed building
associations,

all the powers, rights, privileges and franchises granted to

etc.

building or homestead associations, under Article 23 of the