240

LAWS OF MARYLAND.

SUB-SEC. A. Se it enacted by the General Assembly

Shall not be

of Maryland, That it shall not be lawful for any

lawful.

land company, homestead or building association,

or any association formed for the purpose of lend-

ing money, or using the corporate funds for the

purpose of buying, selling, lending upon mortgage,

leasing or otherwise dealing in real or leasehold

To issue note.

estate, to issue any promissory note, bill or obliga-

tion of any kind to any member thereof, or borrow

therefrom in lieu of money, and that all loans by

such corporation shall be made in money and not

otherwise, and all notes, bills or obligations of any

sort issued by any such association to or for the use

or benefit of any member or borrower in lieu of

money, and all deeds, mortgages or other securities

Shall be void.

whatsoever, given to secure the same, shall be void

and of no force and validity whatever, either in law

or in equity.

Approved March 27, 1878