1248

LAWS OF MARYLAND.

CHAP. 787

Certain
powers
granted.

body corporate shall also have power, and is hereby author-
ized to purchase and hold, bargain and sell, grant, assign,
lease and convey land or any interest or estate therein, chat-
tels, choses in action, checks, notes, bills of exchange,
certificates of deposit, warehouse receipts, stocks, bonds,
mortgages on real or leasehold property, and any and every
evidence of debt, to advance money upon the security thereof
by receiving and holding the same or accepting mortgages
thereon, and generally to deal in every and all description of
properties, personal effects, securities, mortgages, land, cer-
tificates of indebtedness, stocks of incorporated companies,
loans, bonds of the United States, or of any State, county or
municipality, or of any incorporated company or individual,
and to exercise all the powers and privileges of a bank of
discount and deposit.

SEC. 4. And be it further enacted, That said body corporate
shall have power to act as the fiscal or transfer agent or

May act as
fiscal or
transfer
agent, etc.

depository of any State, municipality, body politic or cor-
porate, and in such capacity to receive and disburse money,
and transfer, register and countersign certificates of stock,
bonds or other evidences of indebtedness, and to receive and
manage any sinking fund of any corporation, on such terms
as may be agreed upon.

SEC. 5. And be it further enacted, That the said body cor-

May Increase
its capital
stock.

porate shall have the right from time to time to increase its
capital stock up to twenty thousand shares of the par value of
twenty-five dollars each; provided, the holders of a majority
of the stock then issued vote in favor of such increase.

SEC. 6. And be ii further enacted, That the directors of said

Dividends
declared.

body corporate shall have the power to declare such divi-
dends of the profits of said body corporate as they may deem
proper; provided, that no dividend shall be declared when
the capital stock will be impaired thereby; provided, that
the provisions of this Article are subject, however, to the
legal operation and effect of the Acts of 1892, Chapter 109,
amended by the Act of 1904, Chapter 101, in reference to
the stockholders' liability of such companies.

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

Approved April 5, 1906.