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LAWS OF MARYLAND.

Chapter 266.

AN ACT to grant additional corporate powers to

the Savings and Loan Association of Frostburg,

Maryland.

SECTION 1. Be it enacted by the General Assem-

bly of Maryland, That the Savings and Loan

Association of Frostburg, Maryland, a corporation

regularly organized under the General Incorporation

Law of this State, be and is hereby authorized and

empowered (in the event of the funds of said asso-

Loan on prom-

ciation lying idle in its treasury, and none of its

issory notes.

members wishing or desiring to redeem shares of

stock held by them, and said corporation being

unable to loan said funds on mortgage, as provided

by its charter) to loan money upon promissory notes

or single bills, no single loan to exceed five hundred

dollars, nor the time of any such loan to exceed six

months, except in case of renewal from time to time.

SEC. 2. And be it enacted, That in case the

board of directors of said association shall be in

doubt whether the mortgage security taken from

any member for the redemption of shares held by

Bond of in-
demnity.

such member is an ample and sufficient security for

said purpose, said corporation shall have power to

receive and take from such member a bond of

indemnity, conditioned to make good any deficiency

which may remain in the mortgage debt in case of

default and sale under said mortgage.

SEC. 3. And be it enacted, That said corporation

shall have power and authority to take and receive a

Take and re-
ceive.

bond of indemnity from any member giving a mort-
gage for redeemed stock, conditioned to protect and

indemnify said corporation from mechanics' lien

claims on the mortgage premises.

SEC. 4. And be it enacted, That this act shall take

Effective.

effect from the date of its passage.

Approved May 3, 1882.