314 CORPORATIONS—BUILDING OR HOMESTEAD. [ART. 23.

time be drawn out by any member than shall have been already-
paid in by him on all his shares at the time of such hypotheca-
tion; and any such mortgage and the mortgage debt created
thereby, and the shares of stock of any such corporation, and of
all corporations for the loan of money on mortgage of real or
leasehold property, are declared to be exempt from taxation, to
the extent of the investments of such corporation in such mort-
gages, the property so mortgaged to the corporation being taxed
in the hands of the individual member or mortgagor.

Robertson v. The American Homestead Ass'n, 10 Md. 397. Oak Cottage
Building Ass'n No. 2 v. Eastman, 31 Md 556. Pentz B. Citizens' F I. S. & L.
Co , 35 Md. 73. Shannon B. The Howard Mutual Building Ass'n of Balto., 36
Md. 383. Lord v. Essex Building Ass'n No. 4, 37. Md. 320 Lister v. Log
Cabin Building Ass'n, 38 Md 115. Monumental Permanent Building Society
v. Lewin, 38 Md. 445. Emory v. State, 41 Md 38. Williar v. Balto. Butchers'
Ass'n, 45 Md. 546. Appeal Tax Court e Rice, 50 Md. 314.

1868, ch. 471, sec. 89.

100. On the trial of any action or other proceeding at law or
in equity, in which the property or interest of any such corpora-
tion may be in anywise concerned, any member of such corpora-
tion 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.
Downs v. Md. & Del. R. R. Co , 37 Md 296.

Ibid. sec. 90.

101. Any association of persons which may have been orga-
nized 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 unincor-
porated association of persons, relating to the ends and purposes
of such association, and all mortgages, bonds or other instru-
ments, 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 incor-
porated association of persons had originally been a body corpo-
rate.