ART. 23] BUILDING OR HOMESTEAD ASSOCIATIONS. 93

of said sum of money, may receive from such 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 and unpaid premiums, 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 prescribed in the articles of the asso-
ciation or in the by laws, and such corporation shall have power
to issue full paid-up shares of stock to its members upon such
terms as may be set forth in its by-laws.

Faust v. Building Association, 84 Md. 190. Comm'l Asso. v. Mackenzie,
85 Md 142-3. Salisbury Asso. v. Wicomico Co., 86 Md. 619.

1894, ch. 321.

99. The payment of the unpaid instalments and the premiums
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 corporations 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 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
such hypothecation, and any such mortgage and the mortgage
debt created thereby, and the shares of stock of any such corpo-
ration, 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 mortgages, the property so mortgaged to the corporation
being taxed in the hands of the individual member or mortgagor.

Middle States Co. v. Mattress Co., 82 Md. 513. Comm'l Asso. v. Macken-
zie, 85 Md. 142-3. Salisbury Ass. v. Wicomico Co., 86 Md. 619-620.

1894, ch. 629.

104 A. No corporation incorporated under the laws of this
State, for any purpose whatsoever, nor any foreign corporation
doing business in this State, shall offer to procure or act as
agent for any person or persons in procuring or making any loan