848

LAWS OF MARYLAND.

serve one year or until their successors are elected and quali-

fied; that the members present at any annual or special meet-

ing, represented in person or by proxy, shall constitute a

quorum for the transaction of all business.

SEC. 4. And be it enacted, That whenever the directors

Issuance of

deem it advisable for the best interest of the association, that

bonds.

they may borrow money from any individual, firm or corpora-

tion, and evidence the same by a certificate of indebtedness

under the hands of its president and the common seal of the

association, or issue therefor bonds of the association with

or without coupons attached ; and any moneys borrowed under

this section shall be a first lien upon the assets of the associa-

tion, and the directors may devote the receipts of the associa-

tion to paying off and cancelling such certificates or bonds,

whenever deemed advisable ; provided, that the association may

not borrow to exceed the amount of capital stock actually paid

in on shares.

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

Investment of

cumulated funds of the incorporation shall be invested in fee

stock and
funds.

simple or leasehold real estate, fee simple or leasehold mort-

gages, bonds, stocks of other incorporated companies, individ-

ual securities and other evidences of debt, or in such other

property as the said association may deem profitable ; and that

said corporation be authorized and empowered to take, have,

hold and enjoy all such estates, real, personal or mixed, as may

be obtained with the money aforesaid, and also, with any and

all 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 ex-

ecute, acknowledge and deliver all deeds and legal instru-

ments for the same.

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

Powers grant

privileges also are granted the said corporation : First, to re-

ed.

ceive any personal property or estate on storage and safe de-

posit on such terms or rate of charge as may be agreed upon ;

second, to purchase, invest and sell any kind of property, real,

personal or mixed, and to execute deeds, conveyances, assign-

ments or transfers thereof ; third, to receive deposits of money,

securities and other property from any persons or corporations,

and to accumulate the same, and to issue certificates of de-

posits therefor, payable at such times and on such terms as

may be agreed upon ; provided, that such certificates or bonds

do not at any time exceed the amount of capital stock actually