EDWIN WARFIELD, ESQ., GOVERNOR.

1115

Code of Public General Laws of Maryland, as now or may

hereafter be in force, and shall be subject thereto, except in

such cases where the provisions of said Article 23 of the Code

conflict wth the provisions of this Act; in which case the

powers, rights, privileges, franchises and limitations contained

in this Act shall supersede such conflicting provisions of the

Code.

SEC. 11. And be it enacted, That for the accomplishments

of the objects mentioned in the preceding section of this

Act, said corporation shall have the power to allow and

pay interest on all money received by it from said shareholders,

Paying interest

and to loan the same on any plan or plans of sale or allotment

on moneys re-
ceived.

which may be determined upon by the board of directors,

taking real estate, the said certificates or shares, or other proper

security therefor, and may make such special regulations in

reference to said funds, and the; investment thereof, and

the repayment to it of loans, as the said board of directors shall

determine.

SEC. 12. And be it enacted, That the capital stock of this

corporation may, in the discretion of the directors, be invested

with the moneys belonging to the loan fund obtained from

the said instalment shareholders and shall participate in the

Empowered to
invest

earnings thereof as may be provided by the by-laws, and shall

moneys.

be a guarantee for the faithful performance of the obligations

of said company in relation to said fund, and a guarantee

that all losses shall be otherwise paid by said corporation before

any less shall be assessed against the loan fund of said instal-

ment shares ; provided, as a means for first meeting contingent

losses that may occur in the investment of said loan fund,

the directors may gradually create a contingent fund by annu-

ally appropriating thereto from the said assessments or earn-

ings of said fund such portions thereof as, in their judgment,

shall be for the best interests of said corporation and its said

shareholders, but at no time shall such contingent fund exceed

ten per cent, of the total liabilities of said corporation on

account of said instalment shares, and in no case shall such

contingent fund be used to meet losses resulting from any

other business of said corporation or to pay expenses.

SEC. 13. And be it enacted, That the said corporation shall

Authority

be and it is hereby authorized and empowered to receive and

given to re-

keep on deposit, storage or otherwise, all such valuables as

ceive and
keep on de-

gold, silver or paper money, bullion, precious metals, jewels,

posit valua-
bles, etc.

plate, certificates of stock, evidences of indebtedness, secu-