242

LAWS OF MARYLAND.

extent of not less than five hundred dollars, upon which not

less than one hundred dollars shall have been paid in, who

shall be elected annually as may be provided for from time

to time, by the constitution and by-laws of the said

association, by the stockholders, each non -redeeming stock-

holders being entitled to as many votes, as he has shares,

upon which he lias paid ten per centum of the par value,

voting in person or by proxy, a majority of the voting stock,

constituting a quorum. The directors so elected shall serve

for one year, or until their successors are elected and

qualified.

SEC. 5. And be it enacted, That the capital stock and

accumulated lands of the corporation shall be invested, in

Capital
stock-

fee simple real estate, and leaseholds, mortgages, bonds,

how to be

stocks of other incorporated companies, individual securities

Invested

and other evidences of debt, or in such other property as the

said association may deem profitable ; and that said cor-

poration be authorized and empowered to take, have, hold

and enjoy all such estates, real, personal or mixed, as may

be obtained with the money aforesaid, and also with any

and all other funds that may come into its possession, in

course of its business dealings, and may sell, grant,

mortgage, lease and dispose of the same in its discretion,

will and pleasure, and execute, acknowledge and deliver all

deeds and legal instruments for the same.

SEC. 6. And be it enacted, That the following powers and

privileges are also granted the said incorporation : First, to

Powers and
Privileges

receive any personal property or estate on storage or safe

deposit, on such terms or rates of charge as may be agreed

on ; second, to purchase, invest in and sell any kind of prop-

erty, real, personal or mixed, and to execute deeds, convey-

ances, or signments, or transfers, therefor ; third, to receive

deposits of money, securities and other property from any

person or corporation, and to accumulate the same, and to

issue certificates of deposit therefor payable at such times,

and on such terms, and allowing such rate of interest therefor

as may be agreed upon, not exceeding the legal rate of in-

terest ; provided such certificates or bonds do not at any

time exceed twice the amount of the capital stock actually

paid in ; fourth, to loan mouey on promisory and negotiable

notes, bills obligatory, or other evidence of debt, and to

borrow money at such rate of interest, not exceeding the

legal rate and on such terms as may be agreed on, and to

issue therefor the obligations or bonds of the said association

with or without coupons attached.

SEC. 7. And be it enacted, That this act shall take effect

Effective.

from the date of its passage.

Approved March 28th, 1892.