764

LAWS OF MARYLAND.

	CHAP. 422 Shares not liable for obligations assumed, etc.	said corporation on account of its other business undertak- ings, nor shall they participate in any part of the earnings therefrom. And as to the management, uses and disposition of the moneys received upon the shares hereby authorized to be issued, this corporation shall possess all the powers, rights, privileges and franchises granted to building or home- stead associations under Article 23 of the Code of Public General Laws of Maryland, as now or may hereafter be in force, and shall be subject thereto, except in such cases where the provisions of said Article 23 of the Code conflict with the provision of this Act, in which case the powers, rights, priv- ileges, franchises and limitations contained in this Act shall supersede such conflicting provisions of the Code. SEC. 11. And be it enacted, That for the accomplishments of the objects mentioned in the preceding section of this Act,
	Interest allowed.	said corporation shall have power to allow and pay interest on all money received by it from said shareholders, and to loan the same on any plan or plans of sale or allotment which may be determined upon by the board of directors, taking real estate, the said certificates or shares, or other proper security therefor, and may make such special regula- tions in reference to said funds and the investment thereof, and the re-payment to it of loans as the said board of direc- tors shall determine. SEC. 12. And be it enacted, That the capital stock of this
	Capital stock may be Invested.	corporation may, in the discretion of the directors, be invested with the moneys belonging to the loan fund pro- vided for in Section 10, and shall participate in the earnings thereof as may be provided by the by-laws, and shall be a guarantee for the faithful performance of the obligations of said company in relation to said fund, and a guarantee that all losses shall be otherwise paid, by said corporation before any loss shall be assessed against said loan fund; provided, as a means for first meeting contingent losses that may occur in the investment of said loan fund, the directors may gradually create a contingent fund by annually appropriat- ing thereto from the earnings of said fund such portions thereof as in their judgment shall be for the best interests of said corporation and its said shareholder, but at no time shall such contingent fund exceed ten per cent, of the total liabilities of or payments to said corporation on account of said loan fund, and in no case shall such contingent fund be