FRANK BROWN, ESQUIEE, GOVERNOR.

625

WHEREAS, The said corporation, by its certificate of incor-
poration, is limited in making loans on mortgage of real estate,
to fifty per cent, of the value of such real estate ;

Preamble.

WHEREAS, The large margin, so required, on loans on mort-
gage of real estate, is such as to preclude said corporation
from negotiating such loans to such an extent as to enable the
said corporation to invest its surplus deposits to the best
advantage of its depositors; therefore,

Preamble.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the term of the existence of the charter of the
Brooklyn Savings Institution of Anne Arundel County, be and
the same is hereby made and declared to be perpetual.

Perpetual
existence

SEC. 2. And be it enacted, That all purchases of real estate
made by the said corporation, and all transaction in loaning in
borrowing money heretofore made and done by said corpora-
tion, be and the same are hereby legalized and made lawful ;
and that said corporation be and it is hereby authorized and
empowered to purchase such additional real estate as its board
of directors shall think necessary and proper to the improve-
ment and profitable sale of such real estate as it now owns and
possesses, and the same to improve, sell and convey by a. good
and sufficient deed to the purchaser or purchasers thereof; and
that said corporation be and it is hereby authorized and
empowered to make such loans on mortgages of real estate as
in the judgment of its board of directors they may deem
advisable, and for the best interest of said corporation and the
depositors therein.

May purchase
real estate.

SEC. 3. And be it enacted, That this act shall take effect
from the date of its passage.

Approved April 6th, 1894.

Effective,