98

LAWS OF MARYLAND.

year eighteen hundred and ninety, title " An act to enlarge
and extend the powers and franchises of the Workingmen's
Permanent Building and Loan Association of Talbot county,
so as to enable it to make loans on promissory notes and to
purchase evidences of debt," be and the same is hereby repealed
and re-enacted so as to read as follows:

Further
powers

SEC. 2. And be it enacted, That The Workingmen's Per-
manent Building and Loan Association of Talbot county, in
addition to the powers possessed by it under its certificate of
incorporation and under the general law of this State, shall
have and possess the further powers, rights, privileges and
franchise particularly mentioned in this act, and its charter as
set forth in said certificate shall be altered and amended so as
to conform to the terms and provisions of this act.

Corporate

seal.

SEC. 3. And be it enacted, That the said corporation shall
have perpetual succession and a corporate seal, and may adopt
a constitution for its government, and sue and be sued.

Capital stock

SEC. 4. And be it enacted, That the capital stock of said
corporation shall consist of twenty-five hundred shares of the
par value of one hundred dollars each, being two hundred
and fifty thousand dollars.

Board of

directors.

SEC. 5. And be it enacted, That said corporation shall be
governed by a constitution, and managed by a board of
directors, who shall be non redeeming stockholders to the
extent of not less than five hundred dollars, upon which not
less than one hundred dollars shall have been paid in, who
shall be elected annually as may be provided for from time to
time by the constitution and by-laws of said association, by
the stockholders, each non-redeeming stockholder being entitled
to as many votes as he has shares, upon which he has paid ten
per centum of the par value, voting in person or by proxy, a
majority of the voting stock constituting a quorum. The
directors so elected shall serve, for one year, or until their
successors are elected and qualified.

Investments.

SEC. 6. And be it enacted, That the capital stock and
accumulated funds of the corporation shall be invested in fee
simple real estate, and leaseholds mortgages, bonds, stocks of
other incorporated companies, individual securities and other
evidences of debt, or in such other property as the said
association may deem profitable; and that said corporation be
authorized and empowered to take, have, hold and enjoy all