|
|
|
|
|
|
|
ART. XXIII] USURY. 111
1916, ch. 596. 1916, ch. 374.
100A. No corporation shall hereafter interpose the defense of usury
in any action at law or in equity.*
116.
A corporation held to be embraced within this section; the charter of
such corporation could not exempt its stockholders from the obligations
imposed by article 3, section 39 of the constitution. The statute of limita-
tions begins to run in favor of the stockholder only from the date of the
order fixing the amount to be paid bv him. Mister v. Thomas, 122 Md.
456.
Bridge Companies.
129. Repealed. (Act 1916, ch. 272.)
Building or Homestead Associations.
1904, art. 23, sec. 126. 1888, art. 23, sec. 99. 1868, ch. 471, sec. 88. 1880, ch. 351.
1894, ch. 321. 1904, ch. 240. 1916, ch. 312.
138. The payment of the unpaid instalments and the premium on
the share or shares so purchased or redeemed, with interest on the
money paid therefor as aforesaid, and all fines and penalties incurred
in respect thereof by any member, shall be secured to such corporation
by mortgage on real or leasehold property, or by the hypothecation of
stock of such corporation held by such member or by judgment of a
court of law or by a justice of the peace or by a decree of a court of
equity all as may be provided in the articles of association or by-laws;
but in case of hypothecation of stock no greater sum of money shall at
any time be drawn out by any member than shall have been already
paid in by him on all his shares at the time of said hypothecation, and
any such mortgage and the mortgage debt created thereby, and any such
judgment or decree and the shares of stock of any such corporation
and of all building associations are declared to be exempt from taxa-
tion to the extent of the investment of such corporation in mortgages,
whether said mortgages be building association mortgages or ordinary
mortgages and in judgments, decrees and loans on hypothecated stock
the property so mortgaged to the corporations being taxed in the hands
of the mortgagor.
See notes to this section in volume 1 of the Annotated Code.
1917, ch. 28.
143A. It shall be lawful for any land company, homestead or
building association or any association formed for the purpose of lend-
ing money or using the corporate funds for the purpose of buying, sell-
ing, lending upon mortgages, leasing or otherwise dealing in real or
leasehold estate, to buy, hold or lend upon United States bonds and
bonds of the State of Maryland.
*The act of 1916, chapter 596, section 100A, is the same as the act of 1916,
chapter 374, save that the former does not include the words "at law or in
equity."
|
|
|
|
|
|
|
|
 |
