54

LAWS OF MARYLAND.

asylums, provided such coiporatious are located in this

State and that the property which they possess or acquire is

located therein, but corporations formed for the creation

and maintenance of educational associations, universities,

To hold
Property

colleges, academies, hospitals or asylums, may take and

out of
State.

hold any property, real or personal, situate out of this State

which may be given, granted, demised or bequeathed to

said corporations and may hold, use or sell and convey the

same, or may deal with it in any manner not inconsistent

with law.

SEC. 3. The object or purposes for which incorporation is

sought, the time of its existence not to exceed forty years,

and the articles, conditions and provisions under which the

incorporation is formed ; provided, that the limitation as to

Purpose
for which

the duration of the existence of corporations formed under

Incor-

this article shall not apply to gas light companies, or to cor-

poration
is sought

porations formed for the creation or maintenance of educa-

tional associations, universities, colleges, academies, hos-

pitals or asylums, and that certificates of incorporation of

all corporations named in the proviso may contain pro-

visions for perpetual existence.

SEC. 47. If any alteration or amendment of the articles

Altera-

or provisions of the charter of any of said corporations shall

tion, &c.,

be made by the authority of the corporations, such alter-

of Charter

ation or amendment shall be made known, acknowledged

and recorded in the same manner as prescribed in sections

forty-two, forty-three and forty-four of this article, and

after the said alteration or amendment shall be recorded,

the same shall be taken to be a part of the said charter or

instrument as if the same had originally been made a part

thereof; and any corporation heretofore formed under the

provisions of this article for the creation or maintenance of

educational associations, universities, colleges, academies,

hospitals or asylums, the existence of which by the terms of

its charter is limited to a period of forty years or less, is

authorized to amend its charter so as to provide for per-

petual existence.

SEC. 2. And be it enacted That the Legislature reserves;

to itself the right to alter, amend or repeal this act or any

Repeal

part thereof, and that nothing herein contained shall be

and
Forfeiture

construed to prevent the forfeiture of the charter of any

corporation formed or amended under or in accordance with

the provisions of this act for mis-user or non-user of its cor-

porate powers as now recognized by law.

Approved March 1st, 1892.