FRANK BROWN, ESQUIRE, GOVERNOR.

CHAPTER 321.

AN ACT to repeal Sections ninety-eight and ninety-nine of
Article twenty-three of the. Code of Public General Laws,
entitled " Corporations," sub-title " Building or Homestead
Associations," and to re-enact the same with amendments.

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SECTION 1. Be it enacted by the General Assembly of
Maryland, That sections ninety-eight and ninety-nine of Article
twenty-three of the Code of Public General Laws, be and the
same are hereby repealed and re-enacted, so as to read as
follows :

Repeal.

98. Such corporation, at any time in advance of the period
of time at which it may cease to exist, according to the plan
contained in the original articles of association, may advance
to any member thereof, for such premium as may be agreed
upon, the sum which he would be entitled to receive upon the
dissolution of the corporation, or the maturity of the series to
which he belongs, when said corporation has more than one
series of stock, for any number of shares therein held, or may
purchase from any member thereof the share or shares of stock
held by him, at such price or sum as, according to the articles
of association, such member may agree to receive, or instead
of receiving the whole amount of said premium (in advance or
deducting the whole amount of said premium) from the amount
of said advance, the borrower may pay the same in weekly,
monthly or such other instalments as may be agreed upon; and
on payment of said sum of money, may receive from such
member security as mentioned in the next succeeding section
of this article, for the payment by such member to such corpo-
ration of the unpaid instalments and unpaid premiums, to be
paid on the share or shares of stock so sold or redeemed,
together with interest at the rate of six per cent, per annum
on the sum so paid or advanced, at such times and subject to
such fines and penalties for the non-payment thereof as may
be prescribed in the articles of the association or in the by-laws,
and such corporation shall have power to issue full paid-up
shares of stock to its members upon such terms as may be set
forth in its by-laws.

Advances by
building
associations
to members.

99. The payment of the unpaid instalments and the
premiums on the share or shares so purchased or redeemed
with interest on the money paid therefor as aforesaid, and all
fines and penalties incurred in respect thereof by any member

Security for
such ad-
vances.