402
LAWS OF MARYLAND.
Proviso.
|
pensions, in fee simple or for a term or terms of
years,
life, lives or otherwise, and also goods, chattles and
effects of what nature or description whatsoever, and the
same again to grant, demise, alien, release or dispose of;
Provided, that the clear yearly value of the real and
personal estate of said corporation, shall not exceed the
sum of fifteen thousand dollars.
|
Capable in
law to sue
and be sued.
|
SEC. 2. And be it enacted,
That the said society
and their successors, by the aforesaid name, shall be
forever hereafter able and capable in law to sue and be
sued, answer and be answered, defend and be defended
in any court of law or equity, in any place whatever,
and also to make, have and use a common seal, and
the same to break, alter and renew at pleasure, and also
to assemble and meet at such time and places as may
be agreed on, and to establish and put in execution
such by-laws and regulations as to them shall seem
necessary and convenient for the government of such
society, the same not being repugnant to the laws of
this State or the United States.
|
Application
of income.
|
SEC. 3. And be it enacted,
That the income derived
by the corporation aforesaid, from its capital and subscriptions,
gifts and devices, purchases and investments,
shall be applied to the support of the superannuated and
supernamentary preachers of the Baltimore annual conference
of the Methodist Episcopal church.
|
Reservation.
|
SEC. 4. And be it enacted,
That full right is at all
times hereby reserved to the General Assembly to alter,
amend or repeal this act, and also at any time to require
the said corporation to report to the Legislature the
amount of its funds and the manner of their investment
and expenditure.
|
Banking forbid.
|
SEC. 5. And be it enacted,
That this corporation
shall not be authorised to exercise banking privileges,
or to issue any note, token, device, scrip or other evidence
of debt to be used as a currency, though nothing
in this section contained shall be so construed as to prohibit
the said corporation from investing its own funds
in mortgage or other permanent securities.
|
In force.
|
SEC. 2. And be it enacted,
That this act shall take
effect from and after its passage.
|
|
 |
