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

mortgage or hypothecation shall be conditioned for the repayment
by such member or borrower to said corporation of the money
loaned or advanced to him in weekly instalments, including dues,
legal interest on the money so advanced or loaned, the weekly pre-
mium agreed upon for each share, aad also all fines, assessments
and penalties incurred according to the by-laws in respect thereof;
and all shares of stock so redeemed, advanced or loaned or pur-

chased by such corporation, shall be considered as redeemed shares,

and shall be cancelled; and it shall be lawful 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 corpora-
tions, so redeeming their said share or shares of stock, shall cease
to be stockholders, and shall not be entitled to vote at any meet-
ing 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 corporation.

Franz v. Teutonia Bldg Ass'n, 24 Md. 259. Windsor v. Bandel, 40 Md. 172.
McCahan v. Columbian Bldg, Ass'n of East Balto. No. 2, 40 Md. 226. Balto.
Permanent Building and Land Society o Taylor, 41 Md 409. Emory v. State,

41 Md 38. Citizens' Sec. & Land Co v. Uhler, 48 Md. 455. Appeal Tax Court

v. Rice, 50 Md. 314. Geiger v. 8th German Bldg. Ass'n, 58 Md. 570.

1878, ch. 154.

104. 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 deal-
ing in real or leasehold estate, to issue any promissory note, bill or

obligation of any kind to any member thereof, or borrow there-
from in lieu of money, and all loans by such corporation shall be

made in money and not otherwise, and all notes, bills or obliga-
tions 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,
neither in law or in equity.

Davis v. West Saratoga Bldg Ass'n, 32 Md. 285.