982 JOURNAL OF PROCEEDINGS [April 4,

bill, as passed by the House, and respectfully recommend the
passage of the same by the respective Houses.

Strike out all after "A Bill," and insert the accompanying
amendments.

( Signed,)

HENRY WILLIAMS,

JOHN R. BLAKE,

On the Part of the Senate.

A. H. GREENFIELD,
W. E. STEWART,
E. J. HENKLE,

On the Part of the House.

"A bill entitled an Act relating to Building Associations,
Homestead Associations and Land Companies, in this State.

"WHEREAS, It is represented to this General Assembly,
that certain Building and Homestead Associations and Land
Companies, and other similar associations and companies in
this State, which, in pursuance of the laws of this State, and
of their Acts of Incorporation, are authorized to loan out
money to their members and to others, and secure such loans
by mortgage on the property of the borrowers, are in the
habit of giving to such borrowers the promissory note or
notes of such institutions, payable at a future time, and se-
curing the payment of such notes by mortgage upon the pro-
perty of borrowers, instead of paying such borrowers, the
cash or ready money, which, notes said borrowers, for the
purpose of getting ready money or cash, are compelled to sell
at a great loss and sacrifice; the purchasers, in many instan-
ces, being officers and members in the association or compa-
nies which issued such notes; therefore—

"(SEC. 1. Be it enacted by the General Assembly of Mary-
land, That from and after the passage of this Act, it shall
not be lawful for any building association, homestead associ-
ation, land company, or any similar association in this State,
to issue to its borrowers promissory notes, or any other evi-
dence of indebtedness, but all loans so made, shall be in ready
money, cash or currency, actually paid at the time of taking
such mortgage, all checks, notes or other writings given to
any person as a loan or loans to be paid at a future time by
such institutions as secured by mortgage, are hereby declared
null and void, as are also all mortgages given to secure any
such checks, note or obligations in writing loaned and paya-
ble at a future time; provided, the provisions of this Act do
not apply to similar associations in Montgomery, Allegany
and Kent counties.

"SEC. 2. And be it enacted, That it shall not be lawful for