EDWIN WARFIELD, ESQ., GOVERNOR.

1229

powers, rights, privileges and franchises contained in this
Act shall supersede such conflicting provisions of the Code;
and all building association contracts assumed by this cor-
poration shall have the same force and effect, and be enti-
tled to the same privileges as if originally entered into under
the provisions of Article 23 of the Code of Public General
Laws of Maryland and Acts pertaining thereto,
SEC. 5. That whenever the directors deem it advisable for
the best interest of the association they may borrow money

CHAP. 726

from any individual, firm or corporation, pledge the securi-
ties of the association for the payment thereof, and evidence
the debt by a certificate of indebtedness under the hand of
its president and the common seal of the association, or
issue therefor bonds of the association, with or without
coupons Attached ;, and any moneys borrowed under this
section shall be a first lien upon the assets of the association;
and the directors may devote the receipts of the association
to paying off and cancelling such certificates or bonds when-
ever deemed advisable.
SEC. 6. That the capital stock and accumulated funds of

Authority to
borrow
money, etc.

the incorporation may be invested in fee simple or leasehold
real estate, fee simple or leasehold mortgages, bonds, its own
stocks or bonds, and those of other incorporated companies,
negotiable promissory notes or bonds secured by deeds of
trust, individual securities and other evidences of debt, or in
such other property as the said association may deem profit-
able; and that said corporation be authorized and empowered
to take, have, hold, improve and enjoy all such estates, real,
personal or mixed, as may be obtained with the money afore-
said, and also with any and all funds that may come into its
possession in course of its business dealings, and may sell,
grant, mortgage, lease and dispose of the same in its dis-
cretion, will and pleasure, and execute, acknowledge and
deliver all deeds and legal instruments for the same.
SEC. 7. And 6e it enacted, That this Act shall take effect
from the date of its passage.
Approved April 3, 1906.

Capital stock
may be
invested in
fee simple
property,
etc.