1206

LAWS OF MARYLAND.

created and their successors and assigns be and they are hereby

created a body corporate by the name of "The Real Estate Loan

and Guarantee Company," and by that name shall have per-

petual succession. The said body corporate shall be com-

petent to sue and be sued in any court of law or equity ; to make

and adopt a constitution and by-laws for the government of

said body corporate and its officers ; to elect such officers and

number of directors as it may deem proper, and generally to

do all such acts and things as may be necessary to exercise the

powers conferred by this Act upon it.

Capital stock.

SEC. 2. And be it enacted, That the capital stock of said

body corporate shall consist of two hundred and fifty shares of

the par value of one hundred dollars each, and when the par

value of any share shall have been fully paid the same shall

become non-assessable; and the said body corporate shall have

the power to increase the amount of its capital stock from time

to time and to such amounts as it may deem desirable, not ex-

ceeding in all ten thousand shares of the par value of one

hundred dollars each; provided, such increase be authorized

from time to time by a majority vote of the stockholders, and

should the capital stock at any time be increased, the said stock

may be issued to such persons and at such prices, not less than

the par value thereof, as may be determined by the board of

directors.

SEC. 3. And be it enacted, That the said body corporate shall

Rights of body
corporate.

have the right to purchase, hold, sell, lease, convey or otherwise

deal in and dispose of lands and any interests or estates therein ;

to invest its funds in such securities, real or personal, as it may

deem desirable; to lend money upon mortgages, and to buy

and sell mortgages, and generally to deal in every and all de-

scription of real and personal properties.

Further rights.

SEC. 4. And be it enacted, That the said body corporate

shall have the right to guarantee the security and integrity of

the principal of investments in ground rents ; to guarantee the

repayment of the principal of mortgage loans and ground

rents reserved under leases; to guarantee the prompt payment

of income of every kind arising from investments in property

of every description including the payment of mortgage in-

terests and ground rents.

SEC. 5. And be it enacted, That the said body corporate is

Authority
given the

authorized to take charge of and manage property and busi-

body cor-
porate.

ness of every kind which may be placed in its charge, care or

management, including the sale, lease or other disposition of