650

LAWS OF MARYLAND.

A body cor-
porate.

James B. McElroy, George H. Struven, and the subscribers to
the stock of the corporation hereby created, and their succes-
sors and assigns, be and they are hereby created a body corpo-
rate, by the name of "Mortgage Loan and Guarantee Company,"
and by that name shall have perpetual succession, and shall be
competent to sue and be sued in any court of law or equity
whatever, to have and use a common seal, and to alter the same
at its pleasure, to make and adopt a constitution and by-laws
for the government of said body and its officers, provided the
same shall not conflict with the constitution and laws of this
State or of the United States; to appoint directors and officers,
and generally to do, execute and enforce all and singular such
acts, contracts, matters and things as may be necessary to carry
out the object and protect the interests of said body corporate
and to exercise the powers by this act conferred upon it.

SEC. 2. And be 4t further enacted, That the capital stock
of said body corporate shall consist of five thousand shares cf
the par value of one hundred dollars each, and when the par

Capital stock.

value of any share shall have been fully paid, the same shall
become non-assessable for any purpose whatever: the said body
corporate shall not, however, undertake the prosecution of the
business authorized by the fourth section of this act until the
stock to the amount of seventy-five thousand dollars (which
may be payable in such installments as the directors of said
corporation may stipulate) shall have been subscribed and fully
paid.
SEC. 3. And be it further enacted, That said body corpo-

May purchase
land, etc.

rate shall have the right to purchase and hold, bargain and sell,
grant, assign and convey land or any interest or estate therein,
chattels, choses in action, cheeks, notes, bills of exchange, cer-
tificates of deposit, warehouse receipts, stocks, bonds, mortga-
ges on real or leasehold property and every and any evidence
of debt; to advance money upon security thereof by receiving
and holding the same or accepting mortgages or other liens
thereon; and generally to deal in every and all description of
properties, personal effects, securities, mortgages, land, certifi-
cates of indebtedness, stock of incorporated companies, loans
on bonds of the United States, or any city, county or munici-
pality, or of any incorporated company or individual.

May guaran-
tee pay-
ment of
rents, etc.

SEC. 5. And be it further enacted, That the said body
corporate shall have the right to guarantee the security, integrity
and income of investments, whether in mortgages upon real
and leasehold property or chattel interests, or in ground annui-
ties, or in stocks and bonds of any State, county, municipality