340

STATE OF MARYLAND.

CHAP. 244.

Board
of directors
elected,

less than seven (7) nor more than twenty-five (25) directors, who
shall be stockholders thereof, and who shall be elected
annually by the stockholders, as may be provided from time
to time in the constitution and by-laws of the association, and
shall serve for one year, or until their successors are elected
and qualified.

How capital
stock may
be invested.

SEC. 4. And be it enacted, That the capital stock and other
fnnds of the corporation may be invested in real estate and
personal property, in mortgages, bonds, stocks of other incor-
porated companies, individual securities and evidences of debt,
and in such other property as the said association may deem
profitable, whether located within this State or in any other
State of the United States ; and that said corporation be
authorized and empowered to take, have, 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 into its possession in the course of its business
dealings, and may sell, grant, mortgage, lease and dispose of
the same in its discretion ; and execute, acknowledge and
deliver all deeds and legal instruments for the same.

Personal
property
received on
storage, etc.

SEC. 5. And be it enacted, That the said corporation be
authorized and empowered to receive personal property on
storage or safe deposit, deposits of money, securities and other
property, from any person, firm or corporation, on such terms
as may be agreed upon ; to loan money on promissory and
negotiable notes and other evidences of debt, and to borrow
money on such terms as may be agreed on, and to issue therefor
the obligations or bonds of said association, with or without
interest coupons attached, and to assign its mortgages as col-
lateral security for the payment of such bonds.

May deposit
bonds,
securities,
etc.,
with said
corporation.

SEC. 6. And be it enacted, That any administrator, guar-
dian, committee, receiver, assignee, trustee, State, county or
municipal government or corporation, or public officer, or any
persons acting lor others, having the custody of any bonds,
stocks, securities, moneys or valuables, may be authorized to
deposit same for safe keeping with said corporation.

SEC. 7. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved April 8, 1902.