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CHAPTER 171.
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AN ACT to extend the privileges, enlarge the powers, and
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amend the charter of the Salisbury Permanent Building
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and Loan Association of Wicomico County, a corporation
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duly incorporated under the general laws of this State.
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WHEREAS, the Salisbury Permanent Building and Loan
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Asssociation of Wicomico County, was duly incorporated on
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the 10th day of March, 1887, under the provisions of the
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general laws of this State, relating to the creation and
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Preamble.
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regulation of incorporated companies, in the State of Mary-
land, with a capital stock of one hundred and fifty thousand
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dollars divided into fifteen hundred shares of the par value
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of one hundred dollars each, and is desirous of extending
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the privileges and enlarging the powers of said corporation,
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therefore,
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SECTON 1. Be it enacted by the General Assembly of
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Maryland, That the Salisbury Permanent Building and
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Loan Association of Wicomico County, in addition to the
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Salisbury
Permanent
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powers possessed by it, under its certificate of incorporation
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Building
and Loan
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and under the general law of this State shall have and
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Associa-
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possess the further powers, rights, privileges, and franchises,
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tion
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particularly mentioned in this act, and its charter as set
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forth in said certificate shall be altered and amended so as
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conform to the terms and provisions of this act.
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SEC. 2. And be it enacted, That the said corporation,
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shall have perpetual succession and a corporate seal, and
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Perpetual
succession.
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may adopt a constitution for its government and sue and be
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sued.
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SEC. 3. And be it enacted. That the capital stock of said
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corporation shall consist of two thousand shares of the par
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Two thou-
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value of one hundred dollars each, being two hundred
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sand
shares.
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thousand dollars.
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SEC. 4. And be it enacted, That the said corporation shall
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be governed by a constitution, and managed by a board of
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Board of
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directors who shall be non -redeeming stockholders to the
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directors
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16
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