224

CHAP. 164

LAWS OF MARYLAND.

therefor to be paid as authorized in their by-laws; provided,
they shall not be permitted to, grant annuities, old age or
death benefits. They shall have power to lend such funds
so paid in or accumulated, taking mortgages on real estate,
the said certificates or other proper security therefor per-
mitted by their by-laws, and may make such special regula-
tions in reference to said funds and the investment thereof
and the re- payment to them of loans as they shall, with the
approval of the supreme council, determine upon.
8 F. That whenever under the constitution and laws of the
supreme council any subordinate council or branch becomes

Shall have the
option of
taking over
the property,
etc.

dissolved, this corporation shall have the option of taking
over the property and assets of such subordinate council or
branch; provided, it exercises such option within three
months after the dissolution of such subordinate council or
branch by taking a deed of conveyance duly executed by the
president, attested by the secretary and bearing the seal of
such subordinate council or branch, which on demand they
must execute, the acceptance of which deed must be evi-
denced by endorsement thereon under the hand of the
supreme president, attested by the supreme secretary and
bearing the seal of the supreme council, and the deed and
acceptance shall be recorded in the office where deeds are
recorded for the city, county or other division within the
limits of which such property may be situate; whereupon,
and not before, the said property, whether real or personal,
shall become invested in this corporation, subject, however,
to the payment of all the debts and liabilities of such sub-
ordinate council or branch, which it shall be incumbent on
this corporation to liquidate and discharge as the same may
mature; and thereupon, and not before, each creditor shall
have a direct right of action against this corporation for the
enforcement of his lawful claims upon such subordinate
council or branch; and provided also, that in case of real
estate it shall be sold within seven years after the dissolu-
tion of such subordinate council or branch; and provided
further, that pending the exercise of such option by this
corporation the subordinate council or branch shall continue
its corporate existence and the trustees or directors thereof
shall continue their duties for the purpose of liquidation only.
8 G. That at any time prior to May, 1908, the supreme
council, as now constituted, or as it hereafter may be con-