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LAWS OF MARYLAND.

shall be secured to such corporations by mortgage on real or
leasehold property, or by the hypothecation of stock of such
corporation held by such member, as may be provided in the
articles of association or by-laws; but in case of hypothecation
of stock, no greater sum of money shall at any time be drawn
out by any member than shall have been already paid in by
him on all his shares at the time of such hypothecation, and any
such mortgage and the mortgage debt created thereby, and the
shares of stock of any such corporation, and of all corporations
for the loan of money on mortgage of real or leasehold
property, are declared to be exempt from taxation to the
extent of the investments of such corporation in such mort-
gages, the property so mortgaged to the corporation being
taxed in the hands of the individual member or mortgagor.

Effective.

SEC. 2. And l)e it enacted, That this act shall take effect
from the date of its passage.

Approved April 6th, 1894.

CHAPTER 322.

AN ACT to further amend an Act, entitled "An Act to
incorporate the Mutual Insurance Company of Frederick
County," passed at December Session, 1843, Chapter 199.

further

powers

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the board of directors of the Mutual Insur-
ance Company of Frederick County, shall have power to regu-
late the time and duration of all policies issued by said com-
pany; to fix the rates of insurance and the amount of premium
notes to be taken; to fix the amount of annual interest on said
premium notes (not exceeding six per cent, per annum); to
provide for the payment of losses and expenses incurred by
said company; to execute the various provisions of the charter
of said company, and to do all things necessary for the well
being and good management of the affairs of said company,
not inconsistent with the laws of this State.

Repeal

SEC. 2. And be it enacted, That so much of said original
act of incorporation of said company, and the several amend-
ments thereto, as is inconsistent with this act, is hereby
repealed.