330 FORMATION, POWERS, AND REGULATION OF CORPORATIONS. [ART. 40.

	and on payment of said sum of money may receive from such
Security	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 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 presented in the articles of association or in the byr-laws.
Id s 88 Payment of unpaid instal- ments to be secured by mort- gages, etc 36 Md 394, 41 Md 38, 43 Md 546	90. The payment of the unpaid instalments 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 mem her, 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, as may be provided in the articles of association or by-laws; but in case of hypotheca- tion 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 shares at the time of such hypothecation; and any such mort- gage and the mortgage debt created thereby, are declared to be
Exempt from taxation.	exempt from taxation, the property so mortgaged to the corpora- tion being taxed in the hands of the individual member or mort- gagor.
Id s 89 Member of cor- poration, com- petent witness	91. On the trial of any action or other proceeding at law, or in equity, in which the property or interest of any such corporation may be in anywise concerned, any member of such corporation shall be a competent witness, and shall not be objected to on account of any interest he may have as such member, in the result of any such action or proceeding.
Id. s 90 Prior associa- tion merged in new corpora- tion.	02. Any association of persons which may have been organized or established at any time prior to the adoption of this article, on being made a body corporate, under the provisions of this article, shall become merged in such corporate body thereby created, and every act done or to be done by any such unincorporated associa- tion of persons, relating to the ends and purposes of such associa- tion, and all mortgages, bonds, or other instruments, made to such association of persons, or to any person or persons to or for the use of such association of persons, or any member thereof as such, shall remain and continue in full force and virtue at law and in equity, in like manner as if such incorporated association of persons had originally been a body corporate.
Id s 91 Trustees, etc, of association to assign to corporation	93. Any trustee or trustees, person or persons, to whom any such conveyance shall have been made, to and for the use of such incorporated association, maybe required to assign and transfer the same to such corporation, and they shall be as good and sufficient as
Liabilities of association	if made to such corporation, and all the liabilities and obligations of, by, and between the members of such incorporated association of persons shall remain of as binding force or effect, as if such asso- ciation had been from the first incorporated