LLOYD LOWNDES, ESQUIRE, GOVERNOR.

State, relating to the creation and regulation of incorporated
companies in the State of Maryland, with a capital stock of
$50,000, divided into five hundred shares of the par value of
$100 each, and is desirous of extending the privileges and en-
larging the powers of said corporation; therefore,

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SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Equitable Building and Loan Association of
Snow Hill, Maryland, in addition to the powers possessed by it
under its certificate of incorporation and under the general
laws of this State shall have and possess the further powers,
rights, privileges and franchises particularly mentioned in this
act, and its charter as set forth in said certificate shall be altered
and amended so as to conform to the terms and provisions of
this act.

Further
powers.

SEC. 2. And be it enacted, That the said corporation shall
have perpetual succession and a corporate seal, and may adopt
a constitution for its government, and sue and be sued.

Perpetual
existence.

SEC. 3. And be it enacted, That the capital stock of said
corporation shall consist of two thousand shares of the par value
of one hundred dollars each, being two hundred thousand dol-
lars.

Capital stock.

SEC. 4. And be it enacted, That the said corporation shall be
governed by a constitution and managed by a board of direct-
ors, who shall be non-redeeming stockholders to the extent of
not less than five hundred dollars, upon which not less than
one hundred dollars shall have been paid in, who shall be elected
annually as may be provided for from time to time, by the con-
stitution and by-laws of the said association, by the stockhold-
ers, each non-redeeming stockholder being entitled to as many
votes as he has shares, upon which he has paid ten per centum
of the par value, voting in person or by proxy, a majority of
the voting stock constituting a quorum. The directors eo elected
shall serve for one year or until their successors are elected and
qualified.

Board of
directors.

SEC. 5. And be it enacted, That the capital stock and accu-
mulated funds of the corporation shall be invested in fee sim-
ple real estate, and leaseholds, mortgages, bonds, stocks of other
incorporated companies, individual securities and other evidences
of debt, or in such other property as the said association may
deem profitable, and that said corporation be authorized and
empowered to take, have and hold and enjoy all such estates
real, personal or mixed, as may be obtained with the money
aforesaid, and also with any and all other funds that may come

Investment
of muds.