586 CORPORATIONS. [ART. 23

money loaned or advanced to him in weekly instalments,
including dues, legal interest on the money so advanced or
loaned, the weekly premium agreed upon for each share, and
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 purchased by such corpora-
tion shall be considered as redeemed shares, and shall be
cancelled; and it shall be lawful for such corporation to issue
on equal number of new shares in their stead, so that the num-
ber 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
corporations so redeeming their said share or shares of stock
shall cease to be stockholders, and shall not be entitled to vote
at any meeting 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 corporations.

Franz v. Teutonic 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 v. Taylor, 41 Md. 409,
Emory v. State, 41 Md. 38. Citizens' Sec. and 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.

1888, art. 23, sec 104. 1868, ch. 471, sec. 93. 1878, ch. 154.

131. It shall not be lawful for any land company, home-
stead 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 dealing in real or leasehold estate, to
issue any promissory note, bill or obligation of any kind to
any member thereof, or borrow therefrom in lieu of money,
and all loans by such corporation shall be made in money and
not otherwise, and all notes, bills or obligations 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,
either in law or equity.

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