ROBERT M. McLANE, ESQUIRE, GOVERNOR.

501

mortgage witli all the rights, powers and privileges of

the building or land association, or corporation or

individual assigning the same, and may enforce any

covenant or stipulation in the same, and foreclose,

assign or release the same as fully and effectually as

the assignor could have done.

SEC. 27. And be it enacted, That the continuance of

said corporation shall be on the condition that stock-

holders thereof shall be liable to the amount of their

respective share or shares of its capital stock for all its

Condition of
continuance.

debts and liabilities, upon note, bill or otherwise, and

upon this further condition that this act and every

part of it may be altered from time to time or repealed

by the legislature.

SEC. 28. And be it enacted, That if the corporation

shall at any time suspend its payments, the assets

which the corporation may hold, or be in anywise

In case of sus-
pension.

entitled to at the time of such suspension of payment,

shall be ratably distributed to and among all the per-

sons who shall be its creditors at such time, and to

their assigns respectively.

SEC. 29. And be it enacted, That if the president

and directors should at any time suspend the active

business operations or working of the said corpora-

tion, and a majority of the stockholders in general

meeting assembled determine to close the banking

In case of sus-

operation, thenceforth it shall not be lawful for the

pending or clos-

corporation to resume the exercise of its banking

ing.

powers and franchises, but the same shall be closed,

and, after the payment of its debts and liabilities, the

remaining assets and property of the corporation shall

be divided pro rata among the stockholders or their

assigns.

SEC. 30. And be it enacted, That the General As-

Rights re-

sembly of Maryland hereby reserves to itself the right

served.

to alter, amend or repeal this act at its pleasure.

SEC. 31. And be it enacted, That any and all laws

of this state inconsistent with the provisions of this

Inconsistent

act, be and they are hereby repealed so far as they ap-

laws repealed.

ply to the " Worcester Citizens Bank," named in this

act.

SEC.32. And be it enacted, That this act shall take

Effective.

effect from the date of its passage.

Approved April 8, 1884.