496

LAWS OF MARYLAND.

shares, must be satisfied before such tranfer shall be made, un-

less the president and directors shall direct to the contrary.

SEC. 22. And be it enacted, That it shall not be lawful for the

Not, law-

said corporation to make discounts in, or pay out any funds or

ful

money other than gold or silver coin or legal tender notes, the

lawful currency of the United States, and notes of other banking

institutions received at their par value by the banks so paying

them out.

SEC. 23. And be it enacted, That if at any time the said cor-

poration shall neglect or refuse to pay in gold or silver or lawful

money of the United States, any of its obligations, or money re-

Receive

ceived on deposit, in violation of the promise, contract or under-

Interest

taking of the said corporation, the person or persons entitled to

demand and receive such payments, shall respectively receive and

recover interest on said obligations and deposit until the same

shall be fully paid and satisfied, at the rate of six per centum per

annum from the time of such demand.

SEC. 24. And be it enacted, That the said mutual loan and sav-

ings institution may purchase and take an assignment of any

May pur-
chase .

mortgage of any building or land association or any corporation
or individual, and hold the said mortgage with all the rights,

powers and privileges of the building or land association, or cor-

poration or individual assigning the same, and may enforce any

covenant or stipulation in the same, and foreclose, assign or re-

lease the same as fully and effectually as the assignor could have

done.

SEC. 25. And be it enacted, That the continuance of said cor-

poration shall be on condition that stockholders thereof shall be

liable to the amount of their respective share or shares of its

Continu-
ance.

capital stock for all its debts and liablities upon note, bill or

otherwise, and upon this further condition that this act and every

part of it may be altered from time to time or repealed by the

legisture.

SEC. 26. And be it enacted, That if the corporation shall at any

time suspend its payments, the assets which the corporation may

How dis-

hold or be in anywise entitled to at the time of such suspension

tributed.

of payment, shall be ratably distributed to and among all the

persons who shall be its creditors at such time, and to their

assigns respectively.

SEC. 27. And be it enacted, That if the president and directors

should at any time suspend the active business operations or work-

Unlawful.

ings of said corporation, and a majority of the stockholders, in

general meeting assembled, determine to close the banking opera-

tions, thenceforth it shall not be lawful for the corporation to

resume the exercise of its banking powers and franchises, but the

same shall be closed, and after the payment of its debts and