600 CORPOEATIONS. [AST. 23

porated association, may be required to assign and transfer the same to
such corporation, and such conveyances shall be as good and sufficient
as if made to such corporation; and all the liabilities and obligations of,
by and between the members of such incorporated association of per-
sons shall remain of as binding force or effect as if such association
had been incorporated from the first.

This section referred to in construing section 137—see notes thereto. Wil-
llar v. Baltimore, etc., Loan Assn., 45 Md. 562.

Cited but not construed in Baltimore Bldg. Asisn. v. Powhatan Co., 87 Mi
64; International Fraternal Alliance v. State, 86 Md. 554; Faust v. Twenty-
third, etc., Bldg. Assn., 84 Md. 190.

1904, art. 23, sec. 130. 1888, art. 23, sec. 103. 1868, ch. 471, sec. 92. 1872, ch. 178.

1904, ch. 239.

142. The provisions of the eight foregoing sections shall be taken
and held to apply to corporations which have been or may be hereafter
formed in this State, under the provisions of this article, or under the
provisions of any acts of assembly, for the purpose of loaning money
on real or personal property or for buying, selling, leasing or other-
wise dealing in land, and such corporation may, by their by-laws, pro-
vide 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 or forfeitures as the directors may from
time to time provide in its by-laws; and it shall and may be lawful
for any of the corporations mentioned in this section, at any time,
either before or after the shares of its stock 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 member the
par value of its shares as fixed by its certificate of incorporation for
any number of shares then held by such member or borrower, and either
to deduct such premium or bonus as may be agreed upon between the
corporation and the member 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 corpora-
tion, then to receive from such member a transfer of all his or her
interest in such share or shares of its stock, and also security by way
of mortgage on real or personal 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, assessments and penalties incurred
according to the by-laws in respect 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