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CHAP. 726
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members present at any annual or special meeting, repre-
sented in person or by proxy, shall constitute a quorum for
the transaction of all business.
SEC. 4. Said corporation is hereby authorized and empow-
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Authorized to
transact a
regular
building an
loan busi-
ness, etc.
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ered to transact a regular building and loan business, in
which it may receive money from any individual, firm or
corporation, to be .paid in advance or in such fixed periodical
instalments or assessments as may be provided by the by-
laws of said corporation, and may issue certificates therefor
in shares of the par value of two hundred ($200) dollars each
to any amount not to exceed two million ($2,000,000) dollars,
par value, and may mature the same by the accumulation of
a fund derived from said assessments and moneys obtained
from the investment thereof and other sources, and shall
have power to loan such funds so accumulated to the share-
holders or members thereof, on the security of their shares
and mortgage or deed of trust, for their use and benefit in
acquiring real estate, erecting houses thereon and removing
incumbrances therefrom, upon such terms and conditions as
the by-laws may provide, and may pay to each shareholder
his share when the same shall have reached par, or at any
time when the said company may desire to repay the same.
The said association shall have power to take over the busi-
ness of any existing building and loan association where-
soever organized and to receive assignments of its assets
and contracts, and when such transfer shall be complete
the association whose business has been taken over shall
be considered to be merged in the body corporate now
created. The body corporate now organized may take up
outstanding shares of such association and issue its own
shares in lieu thereof, and as to the management, uses
and disposition of the moneys received upon the shares
thereby authorized to be issued, and as to the contracts
or other obligations assumed by virtue of this section and
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Shall possess
all the
powers, etc.,
granted to
building
associations
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other business incidental to the merger of other associa-
tions with it, this corporation shall possess all the powers,
rights, privileges and franchises granted to building or
homestead associations under Article 23 of the Code of
Public General Laws of Maryland, as now or may hereafter
be enforced, and shall be subjected thereto, except in such
cases where the provisions of said Article 23 of the Code
conflict with the provisions of this Act, in which case the
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