ART. 23] CEMETERY COMPANIES. 601

in their stead, so that the number of unredeemed shares may always
equal and never exceed the number of shares fixed by the certificate of
incorporation of such corporations; and the member or members of
such corporations so redeeming their said share or shares of stock shall
cease to be stockholders, and shall not be entitled to vote at any meeting
of such corporations held for the purpose of electing directors or for any
other purpose, and shall not be eligible for any of the offices of the
corporations.

A mortgage to a building association ia not illegal because interest is
payable weekly and fines are imposed for non-payment of dues. Stewart v.
Workingmen's Bldg. Assn., 106 Md. 682.

The act of 1872, ch. 178, held to be In conflict with article 3, section 57, of
the Maryland constitution, in so far as it attempts to permit one class of
corporations to charge a higher rate of interest than others are allowed to
charge. Citizens', etc., Co. v. Uhler, 48 Md. 458.

The act of 1872, ch. 178, held to have no application to a mutual building
or homestead association. White v. Williams, 90 Md. 724; Geiger v. German
Bldg. Assn., 58 Md. 573.

Prior to the act of 1904, ch. 239, this section applied only to corporations
formed for the purpose of loaning on real or personal property under the
general corporation law. Emory v. State, 41 Md. 57. And see Salisbury
Assn. v. Wicomico County, 86 Md. 619.

Cited but not construed in Baltimore Bldg. Assn. v. Powhatan Co., 87 Md.
64; International Fraternal Alliance v. State, 86 Md. 554.
See notes to sec. 137.

1904, art. 23, sec. 131. 1888, art. 23, sec. 104. 1868, ch. 471, sec. 93. 1878, ch. 154.

143. It shall not be lawful for any land company, homestead or
building association, or any association formed for the purpose of
lending money, or using the corporate funds for the purpose of buying,
selling, lending upon mortgage, leasing or otherwise dealing in real or
leasehold estate, to issue any promissory note, bill or obligation of any
kind to any member thereof, or borrow therefrom in lieu of money,
and all loans by such corporation shall be made in money and not
otherwise, and all notes, bills or obligations of any sort issued by any
such association to or for the use or benefit of any member or borrower in
lieu of money, and all deeds, mortgages or other securities whatsoever,
given to secure the same, shall be void and of no force and validity
whatever, either in law or equity.

Cited but not construed in Baltimore Bldg. Assn. v. Powhatan Co., 87 Md.
64; International Fraternal Alliance v. State, 86 Md. 554.

Cemetery Companies.

Ibid. sec. 132. 1888, art. 23, sec. 105. 1868, ch. 471, sec. 79.

144. No cemetery company formed under the provisions of this
article shall be authorized or empowered to purchase, hold or use, for

the purpose of burial more than one hundred acres of land, nor any
ground that shall be comprised within the limits of any city or town

in this State, unless the corporate authorities of said city or town shall
authorize the same.

As to the sale of burial grounds, see art. 16, section 107.

As to the exemption of graveyards, cemeteries and cemetery companies.
from taxation, see art. 81, sec. 4.