836

LAWS OF MARYLAND.

CHAP. 682.

held at such place and at such time as the by-laws of eaid cor-
poration may direct and require, and that the board of direc-
tors shall elect such officers and appoint finch clerks, agents
and employes as the business of the Spalding Savings Bank,
in the discretion of the board of directors, may require.

May act as
agent in the
sale and pur-
chase of
real estate.

SEC. 4 And be it further enacted, That the said Spalding
Savings Bank shall have the power to act for itself or as agent
for any and all person or persons, or corporation or corpora-
tions, in the sale, lease, purchase, exchange or mortgage of
real, leasehold or personal property, and to make contracts
and agreements consistent with law with such person or per-
sons, corporation or corporations; to purchase and hold, bargain
and sell, grant, assign and convey land or any interest or
estate therein, chattels, choses in action, checks, notes, bills of
exchange, bills receivable, bills payable, due bills, certificates
of deposits, warehouse receipts, stocks, bonds, certificates of
indebtedness, mortgages on real, leasehold and chattel prop-
erty, and any evidence of debt ; to advance money upon the
security thereof by receiving and holding same on such terms
as may be agreed upon or established by said company, and
generally to deal in any and all descriptions of property or
properties, personal effects, securities, mortgages, certificates
of indebtedness, stocks of corporations, notes, loans on bonds
of the United States or of any State, county, municipality-or
any incorporated company, copartnership, joint stock com-
pany or individual.

Authority to
receive
money on
deposit, etc.

SEC. 5. And be it further enacted, That the said Spalding
Savings Bank shall have power to receive money on deposit,
subject to check or otherwise, and to act as agent for the col-
lection of moneys, rents, interest, coupons, dividends and
incomes of all kinds and description, and to manage and deal
in all and every kind of property and estate therein in the
same mariner and to the same extent as an individual might do.

Capital stock,
with
privilege to
Increase same

SEC. 6. And be it further enacted, That the said Spalding
Savings Bank shall have the power and is hereby authorized
to create and issue capital stock to an amount equal to fifty
thousand dollars ($50.000), divided into shares of the par
value of twenty-five dollars ($25.00) each, with the privilege
to increase the same from time to time to five hundred thou-
sand dollars ($500,000), by a vote of the stockholders at a
special meeting or meetings to be called for that purpose, and
the stockholders at the time of such increase shall be entitled
to a pro rata share of such increase upon the payment of the
par value of the same, or such price in excess of the par value as
the directors of the Spalding Savings Bank may determine.
All subscriptions to the capital stock of the Spalding Savings