290

LAWS OF MARYLAND.

CHAPTER 172.

AN ACT to add an additional section to article

thirty of the Code of Public General Laws, en-

titled " Crimes and Punishments," sub-title "Rehy-

pothecation."

SECTION 1. Se it enacted oy the General Assembly

of Maryland, That the following section be and the

same is hereby added to the thirtieth article of the

Section addet

1 Code of Public General Laws, to be arranged so as

to form a sub-section of section fifty-two of the same

article, and to follow sub-section five of said article,

and to be entitled "Rehypothecation."

Not lawful.

SUB-SEC. 6. It shall not be lawful for any person

or persons, bank, building association or corporation

to repledge or rehypothecate any stocks, bonds or

other security or securities, the title to which passes

by delivery or endorsement received or held by him

or them as security for any money lent or advanced

to the owner or holder of such stocks, bonds or other

securities, during the continuance of the contract of

pledge or hypothecation, without the consent of the

Every person

pledger, and every person or officer of such bank,

or officer.

building association or corporation, who shall so re-

pledge or rehypothecate such stocks, bonds or other

securities so received or held, without the consent of

Shall be
guilty.

the said pledger so given as aforesaid, shall be guilty
of a misdemeanor, and on conviction thereof shall

Penalty.

be sentenced to pay a fine of not less than five hun-

dred dollars nor more than five thousand dollars, or

to imprisonment in the penitentiary for not more

than five years, or to both, in the discretion of the

court.

In force

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

effect from the date of its passage.

Approved March 27, 1878.