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296
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LAWS OF MARYLAND.
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power to borrow money on the credit of the corporation, not ex-
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ceeding its authorized capital stock, and to issue and dispose of
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May mort-
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its bonds or other obligations for any indebtedness so contracted
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gage.
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bearing interest at a rate not greater than six per centum per
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annum, and in order to secure the payment thereof may mortgage
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its property and franchises.
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Effective.
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SEC. 4. And be it enacted, That this act shall take effect from
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the date of its passage.
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Approved April 3, 1890.
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CHAPTER 272.
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AN ACT to repeal and re-enact with amendments section twenty-
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nine, of article twenty-three, of the Code of Public General
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Laws, title "Corporations."
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WHEREAS, since the passage of the act of eighteen hundred
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and seventy-six, chapter two hundred and sixty-nine, a portion of
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which is embodied in section twenty-nine, class sixteen, of article
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Preamble.
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twenty-three, of the Code of Public General Laws, it has been
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found that trust companies and guarantee companies of the kinds
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which now exist, could not be formed under it with the powers
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requisite for such corporations, by reason of the indefiniteness
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and incompleteness in that respect of the said act, which does not
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provide for the creation of corporations of the same general char-
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acter as those which now exist as aforesaid, and it has therefore
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been necessary for the General Assembly from time to time to in-
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corporate such companies by special act; and
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WHEREAS, it is proper that such trust companies and guarantee.
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companies, and also trust companies and guarantee companies of
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Preamble.
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every kind should be incorporated by special acts, and at the dis-
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cretion of the General Assembly; therefore,
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SECTION 1. Be it enacted ly the General Assembly of Maryland,
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That section twenty-nine, of article twenty- three, of the Code of
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Re-en-
acted
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Public General Laws, title "Corporations," be and the same is.
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hereby repealed and re-enacted so as to read as follows :
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29. Class 16. For the formation of savings institutions,.
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Effective.
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SEC. 2. And be it enacted, That this act shall take effect from
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the date of its passage.
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Approved April 3, 1890.
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