584 CORPORATIONS. [ART. 23

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 mort-
gage and the mortgage debt created thereby, and the shares of
stock of any corporation, and of all building associations, are
declared to be exempt from taxation to the extent of the invest-
ments of such corporation in mortgages, whether said mort-
gages be building association mortgages or ordinary mortgages,
the property so mortgaged to the corporation being taxed in¹ the
hands of the mortgagor.

Robertson v. The American Homestead Ass'n, 10 Md. 397. Oak Cottage
Building Ass'n No. 2 v. Eastman, 31 Md. 556. Pentz v Citizens' F. I. S. &
L. Co., 35 Md. 73. Shannon v. 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 Build-
ing Society v Lewin, 38 Md. 445. Emory v State, 41 Md. 38. Williar v.
Balto Butchers' Ass'n, 45 Md. 546. Appeal Tax Court v. Rice, 50 Md. 314.
Middle States Co. v Mattress Co., 82 Md. 513. Comm'l Asso. v. Mackenzie,
85 Md. 142-3. Salisbury Ass. v. Wicomico Co., 86 Md. 619-620.

1888, art. 23, sec. 100. 1868, ch. 471, sec. 89.

127. On the trial of any action or other proceeding at law
or in equity, in which the property or interest of any such cor-
poration 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.
Downs v. Md. & Del. R. R. Co., 37 Md. 100.

Ibid. sec. 101. 1868, ch. 471, sec. 90.

128. 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 pro-
visions' of this article, shall become merged in such corporate
body thereby created; and every act done or to be done by
any such unincorporated association of persons, relating to the
ends and purposes of such association, and all mortgages,
bonds or other instruments, made to such association of
persons, or to any person or person 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.