1835.

LAWS OF MARYLAND.

and also, shall apply to the unincumberred estate of

CHAP. 341

lessees, for ninety, nine years renewable forever, but

in all cases of leasehold property, where it. shall ap-

pear that the principal of the ground rent, estimated

at six per cent, shall amount to one half of what may

be deemed the cash value of the leasehold property,

such property shall be inadmissible into the capital of

the bank.

Deed of property

SEC. 11. And be it enacted, That as soon as practi-

to Bank

cable, after the distribution and allotment of the stock

shall be made, each subscriber shall by a good and

sufficient deed convey to the real estate bank of Fred-

erick county, and their successors the property mention-

ed and described in his subscription to the stock of the

hank, to hold the same to the said real estate bank,

their successors and assigns, in absolute right, and for

the uses and purposes made and declared by this act,

and upon the execution and delivery of the said deed

which together with the cost of recording the same,

At expense of stockholders

shall be at the expense of the stockholders, and upon

the full payment of the said three instalments of two

Certificates

dollars and fifty cents each, the said president and di-

rectors shall issue a certificate or certificates of stork

in such form as they may prescribe, and such stock

shall be held and considered as personal estate.

Must give descrip-

SEC. 12. And be it enacted, That at the time of sub-

tion of building

scribing for the stock in the said bank, where the

property offered is improved by buildings of any kind.

the person offering to subscribe shall deliver a particular lar description of the nature and value of such build-

ings, and if the property so offered shall be admitted

Bank may insure

into the capital of the bank, it shall be in the power

and duty of the president and directors, to have the

same insured against loss or destruction by fire, and

to continue to have the same insured in whole or in

part, if in their judgment it shall be necessary for the

security of the bank.

Power to borrow

SEC. 18. And be it enacted, That the president and di-

rectors of the said bank shall have the power to borrow

a sum of money, not exceeding one million five hun-

Interest

dred thousand dollars, by a sale or negotiation of the

bonds or scrip of the bank, bearing such interest, not