728 ARTICLE 23.

ful for such corporation to issue an equal number of new shares 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 is 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 art. 3, sec. 57, of the Md.
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 corpora-
tion 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. 164.

An. Code, sec. 143. 1904, sec. 131. 1888, sec. 104. 1868, ch. 471, sec. 93. 1878, ch. 154.

170. 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.

An. Code, sec. 143A. 1917, ch. 28:

171. It shall 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
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.

Cemetery Companies.

An. Code, sec. 144. 1904, sec. 132. 1888, sec. 105. 1868, ch. 471, sec. 79.

172. 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