WILLIAM T. HAMILTON, ESQUIRE, GOVERNOR. 509

	CHAPTER 351.
	AN ACT to repeal section eighty-eight of chapter
	four hundred and seventy-one of the acts of the
	General Assembly, passed at the January session,
	eighteen hundred and sixty-eight, being section
	eighty-eight of article twenty-six of the Code of
	Public General Laws, and to re-enact the same
	with amendments.
	SECTION 1. Be it enacted by the General Assembly
	of Maryland, That section eighty-eight of chapter
	four hundred and seventy-one of the acts of the Gen-	Repealed and
	eral Assembly of Maryland, passed at January ses-	re-enacted.
	sion, eighteen hundred and sixty-eight, being section eighty-eight of article twenty-six of the Code of Pub- lic General Laws, be and the same is hereby repealed
	and re-enacted to read as follows :
	SEC. 88. And be it enacted, That the payment of
	the unpaid instalments on the share or shares so	Secured to
	purchased or redeemed, with interest on the money	corporation.
	paid therefor as aforesaid, and all fines and penalties
	incurred in respect thereof by any member, shall be
	secured to such corporation by mortgage on real or
	leasehold property, or by the hypothecation of stock of such corporation held by such members, 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 of stock at the time of such hypoth-
	ecation ; 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 hereby declared to be exempt from taxation to	Exempt from
	the extent of such corporations' investments in such	taxation.
	mortgages, the property so mortgaged to the corpor- ation being taxed in the hands of the individual
	member or mortgagor.