418

LAWS OF MARYLAND.

for the payment of all or any part of their stock in advance,

and shall have the power to enforce the payment of all dues,

legal interest or premium due to such corporation from its

members, stockholders or borrowers by such fines and for-

feitures as the directors may from time to time provide in its

by-laws ; and it shall and may be lawful for any of the corpor-

ations mentioned in this section, at any time, either before or

after the shares of its stocks shall have been fully paid up,

to redeem or purchase the same at such sum or price as such

member may agree to receive therefor, or to loan to such mem-

ber the par value of its shares as fixed by its certificate of in-

corporation for any number of shares then held by such mem-

ber or borrower, and either to deduct such premium or bonus

as may be agreed upon between the corporation and the mem-

Weekly dues.

ber or borrower, and either to deduct such premium or bonus

in advance, or to make the same payable with, and as a part,

of the weekly dues in each and every week during the period

of such loan, and in the payment of such sum of money by

such corporation, then to receive from such member a trans-

fer of all his or her interest in such share or shares of its

stock, and also security by way of mortgage on real or per-

sonal property; or by the hypothecation of unredeemed shares

of its stock so sold by such member; and said mortgage or

hypothecation shall be conditioned for the repayment by such

member or borrower to said corporation of the money loaned

or advanced to him in weekly instalments, including dues,

legal interest on the money so advanced or loaned, the weekly

premium agreed upon for each share, and also all fines, assess-

ments and penalties incurred according to the by-laws in re-

Cancelled

shares

spect thereof; and all shares of stock so redeemed, advanced or

loaned or purchased by such corporation shall be considered

as redeemed shares, and shall be cancelled; and it shall be

lawful for such corporation to issue an equal number of new

shares in their stead, so that the number of unredeemed shares

may always equal and never exceed the number of shares

fixed by the certificate of incorporation of such corporations;

and the member or members of such corporations so redeem-

Cease to be

Stockholder.

ing their said share or shares of stock, shall cease to be stock-

holders, and shall not be entitled to vote at any meeting of

such corporations held for the purpose of electing directors

or for any other purpose, and shall not be eligible for any of

the offices of the corporations.

SEC. 2. And be it enacted, That this Act shall take effect

from the date of its passage.

Approved April 7, 1904.