ART. 23] ADVANCE TO MEMBERS. 597

A "premium" charged by a building association in addition to dues and
interest, held not to' be a "bonus" within the meaning of this section. This
section referred to in construing section 137—see notes thereto. White v.
Williams, 90 Md. 724. And see Williar v. Balltmore, etc., Loan Assn., 45
Md. 562.

Cited but not construed In Baltimore Bldg. Assn. v. Powhatan Co., 87 Md.
64; International Fraternal Alliance v. State, 86 Md. 554; Faust v. Twenty-
third, etc., Bldg. Assn., 84 Md. 190; Middle States Co. v. Hagerstown Mat-
tress Co., 82 Md. 513.

1904, art. 23, sec. 125. 1888, art. 23, sec. 98. 1868, ch. 471, sec. 87. 1894, ch. 321.
137. Such corporation, at any time in advance of the period of time
at which it may cease to exist, according to the plan contained in the
original articles of association, may advance to any member thereof,
for such premium as may be agreed upon, the sum which he would be
entitled to receive upon the dissolution of the corporation, or the matur-
ity of the series to which he belongs, when said corporation has more
than one series of stock, for any number of shares therein held, or may
purchase from any member thereof the share or shares of stock held by
him, at such price or sum as, according to the articles of association,
such member may agree to receive, or instead of receiving the whole
amount of said premium (in advance or deducting the whole amount
of said premium) from the amount of said advance, the borrower may
pay the same in weekly, monthly or such other instalments as may be
agreed upon; and on payment of said sum of money, may receive from
such member security as mentioned in the next succeeding section of
this article, for the payment by such member to such corporation of the
unpaid instalments and unpaid premiums, to be paid on the share or
shares of stock so sold or redeemed, together with interest at the rate of
six per cent per annum on the sum so paid or advanced, at such times
and subject to such fines and penalties for the non-payment thereof as
may be prescribed in the articles of the association or in the by-laws,
and such corporation shall have power to issue full paid-up shares of
stock to its members upon such terms as may be set forth in its by-laws.

Usury.

Where a mortgage provides for the payment of principal and six per cent
interest, and an additional "premium" of seven dollars and fifty cents per
month, the transaction is usurious. Meaning of the word "premium" as used
in this section. White v. Williams, 90 Md. 723 (mortgage made prior to the
act of 1894, ch. 321, and hence not affected thereby). And see Geiger v.
Eighth German, etc.. Assn.. 58 Md. 570.

The act of 1894, ch. 321, only changes this section so far as the time and
method of the payment of the premium are concerned, and does not alter the
rule that the premium cannot be an indefinite or variable amount, or payable
in an indefinite number of small Installments. Transaction held usurious.
The statute conferring the privilege of charging a premium is to be strictly
construed. Washington Bldg. Assn. v. Andrews, 95 Md. 699. And see Col-
trane v. Baltimore, etc., Assn., 110 Fed. 293.

The money paid by a building association for the purchase or redemption
of stock is not a loan to the shareholder to be repaid by him with interest,
and, therefore, no question of usury can arise. Transaction held usurious.
This section referred to in construing section 124—see notes thereto. Com-
mercial Assn. v. Mackenzie, 85 Md. 142. And see Washington Bldg. Assn. v.
Andrews, 95 Md. 700; Fanst v. Twenty-third, etc.. Bldg. Assn., 84 Md. 190:
Home, etc., Bldg. Assn. v. Thursby, 58 Md. 288; Border State Bldg. Assn. v.