180

LAWS OF MARYLAND.

CHAP. 135

ordinary discounts may be made or granted by the presi-
dent or such person or persons as the board of directors
may appoint.

SEC. 16. And be it enacted, That no director shall be

Directors not
entitled to
pay.

entitled to receive any pay or emolument for his services,
unless the same shall have been allowed at a general meeting
of the stockholders, nor shall the president or officers of the
board be allowed any pay or emolument but such as shall
be allowed by the board of directors.

SEC. 17. And be it enacted, That the lands, tenements,
and hereditaments which shall be lawful for the said cor-

What lands,
tenements,
etc., are law-
ful for said
corporation
to hold.

poration to hold, shall be only such as shall be requisite for
its immediate accommodation in relation to the convenient
transaction of its business, or such as shall have been bona
fide mortgaged or conveyed to it by way of security, or in
satisfaction for debt contracted in the course of its dealings,
or purchased at sales upon judgments or decrees which
shall have been obtained for such debts or foreclosures of
mortgages, or at mortgagee's sale in case when mortgagor,
conferring power on the mortgagee to sell real estate men-
tioned therein have been executed or assigned to such bank
to secure such debts.

SEC. 18. And be it enacted, That the shares of the capital

Shares trans-
ferable on
books of cor-
poration.

stock of said corporation shall be transferable on the books
of the corporation only in accordance to such rules as shall
be established by the president and board of directors, who
shall have the power to make such by-laws as they may
deem proper; but all debts actually due and payable to the
corporation by a stockholder requesting a transfer of shares
must be satisfied before such a transfer shall be made, unless
the president and directors shall direct to the contrary.

SEC. 19. And be it enacted, That the said bank may pur-

May purchase
and take
assignment
of building
or land asso-
ciation.

chase and take an assignment of any mortgage of any build-
ing or land association, or any corporation or individual, and
hold the same mortgage, with all the rights, powers and
privileges of the building and land association, or corpora-
tion or individual assigning the same, and may enforce any
covenant or stipulation in the same, and foreclose, assign or
release the same, as fully and effectually as the assignor
could have done.