126

LAWS OF MARYLAND.

of Maryland on the twenty-fifth day of May, 1893, and is
now of record in the office of clerk of Circuit Court for
Somerset county, in book of corporations, folios fifty-one and
fifty-two, winch said corporation is a building or homestead

association , with an authorised capital of one hundred
thousand dollars, divided into one thousand shares of the par
value of one hundred dollars each; and

Preamble.

WHEREAS, It is desired to extend the privileges, enlarge
the powers and increase the capital Stock of said association ;
therefore,

Further

powers.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Somerset Savings, Building and Loan
Association, in addition to the powers possessed by it under its
certificate of incorporations and under the general laws of this
State, shall have and possess the further powers, rights and
privileges, enlargements and franchises particularly mentioned
in this act, and in said certificate shall be altered and amended
so as to conform to the provisions of this act.

Board of
directors

SEC. 2. And be it further enacted. That the said corpora-
tion shall have perpetual succession, that is, shall be managed
by a board of nine directors, who shall be elected at the annual
meetings of stockholders and shall serve for one year, or until
their successors are elected and have qualified; that the mem-
bers present at any annual or special meeting, represented in
person or by written proxy, shall constitute a quorum for the
transaction of all business.

Shares may
be divided
into classes

SEC. 3. Be it further enacted, The said association may in its
by-laws prescribe and designate its shares into one or more
"classes" and provide for the payment of and fix the instal-
ments in the running classes of stock, weekly or monthly, or
classes of each, or either kind, and the rate or instalments,
contributions or dues may be at different rates, not to exceed on
each share twenty five cents per week on weekly stock classes,
and one dollar per month on monthly classes, and that one or
more classes of stock may be issued if deemed advantageous,
upon which the subscriber may pay in immediately the full
maturity or par value of one hundred dollars; upon such
classes of paid up stock the association may make such equita-
ble arrangements for discounts or interest, as it may deem
best; and be it further provided, that said association shall
have authority to make by-laws to call in, redeem and cancel
any such paid up or instalment classes of stock and prescribe
the terms and conditions thereof.