704

LAWS OP MARYLAND.

the United States, or of any city, county or municipality or

of any incorporated company or individual.

SEC. 4. And be it further enacted, That the said body

To guar-

corporate shall have the nght to guarantee the fidelity of

antee fidel
ity of

persons or corporations occupying positions of trust or

persons

responsibility, and to issue the performance of any lawful

undertaking whatever ; upon such terms as may be agreed

upon and the capital stocks of said company and all its prop-

erty shall be taken and considered as the sole security

required by law for the faithful performance of its duties,

and shall be absolutely liable in case of any default what-

ever, and the said corporation is further authorized to become

sole security, in all cases when by law two or more securities

are required for the faithful performance of any trust or

office, and it shall or may be lawful for any court register,

clerk or other officer to approve said company as sole secu-

rity in all such cases, but in such cases the officers and affairs

of the said company may be subject to examination at any

time by the court or officers thereof.

SEC. 5. And be it further enacted, That said body corporate

To guar-

shall have the right to guarantee the security, integrity and

aniee in-

income of investments in mortgages upon real and leasehold

vestments,
etc.

property or chattel interests, on ground annuities, in stocks

and bonds of any State, county, municipality or incorpora-

tion or joint stock company ; to guarantee the validity of

titles to real, leasehold or chattel property, and to guarantee

the payment of credit or any part thereof given or extended,

or to be given or extended to any person or persons, firm,

corporation or joint stock company.

SEC. 6. And be it further enacted, That the said body cor-

To receive
money.

porate shall have the right to receive money on deposit,

evidences of debt for collection, chattels, stocks, bonds and

all paper writings on storage, upon such terms as may be

agreed upon.

SEC. 7. And be it further enacted, That said body corpo-

Increase

rate shall have the right, at any time, to increase its capital

its capital
stock.

stock to twenty thousand shares of the par value of fifty

dollars each ; provided the holders of two-thirds of the stock

then issued vote in favor of such increase.

SEC. 8. And be it further enacted, That this act shall take

Effective.

effect from the date of its passage.

Approved April 7tb, 1892.