662

LAWS OF MARYLAND.

to sell or lease its stock, property and franchises to such

other company incorporated or which may hereafter be

incorporated as above.

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

Effective.

from the date of its passage.

Approved April 7th, 1892.

CHAPTER 468.

AN ACT to grant additional corporate powers to the Cum-

berland Loan and Savings Association.

SECTION 1. Be it enacted by the General Assembly of

Maryland, That in case the Board of Directors of the

Cumberland Loan and Savings Association, a corporation

Cumber-
land Loan

duly organized and incorporated under the general incor-

and Sav-
ings Asso-

poration law of this State, shall be in doubt whether the

ciation.

mortgage security taken from or offered by any member for

the redemption of shares held by such member, is an ample

and sufficient security for said purpose, said association

shall have power to receive and take from such member a

bond of indemnity, conditioned to make good any defi-

ciency which may remain in the mortgage debt in case of

default and sale under said mortgage, or for the payment of

such part of mortgage debt as said board of directors may

require.

SEC. 2. And be it further enacted, That said corporation

shall have power and authority to take and receive a bond

Power.

of indemnity from any member giving a mortgage for

redeemed stock, conditional to protect and indemnify said

corporation from mechanics' lien claims on the mortgage

premises.

SEC. 2. And be it further enacted, That this act shall take

Effective.

effect from the date of its passage.

Approved April 7th, 1892.