478 LAWS OF MARYLAND. [CH. 233

or may be hereafter formed in this State, under the pro-
visions of this article, or under the provisions of any acts
of assembly, for the purpose of loaning money on real or
personal property or for buying, selling, leasing or other-
wise dealing in land, and such corporation may, by their by-
laws, provide for the payment of all or any part of their
stock in advance, and shall have the power to enforce the
payment of all dues, legal interest or premium due to such
corporation from its members, stockholders or borrowers by
such fines or forfeitures as the directors may from time to
time provide in its by-laws; and it shall and may be lawful
for any of the corporations mentioned in this section, at any
time, either before or after the shares of its stock shall
have been fully paid up, to redeem or purchase the same at
such sum or price as such member may agree to receive
therefor, or to loan to such member the par value of its
shares as fixed by its certificates of incorporation for any
number of shares then held by such member or borrower,
and either to deduct such premium or bonus as may be
agreed upon between the corporation and the member or
borrower, and either to deduct such premium or bonus in
advance, or to make the same payable with and as part of
the weekly, bi-weekly or monthly dues in each week,
bi-week or month during the period of such loan, and
in the payment of such sum of money by such corporation,
then to receive from such a member a transfer of all his,
her or its interest in such share or shares of its
participating or non-participating stock, and also se-
curity by way of mortgage on real or personal prop-
erty; or by the hypothecation of unredeemed shares of its
participating or non-participating stock so sold by such
member; and said mortgage or hypothecation shall be con-
ditioned for the repayment by such member or borrower to
said corporation of the money loaned or advanced to him
in weekly, bi-weekly or monthly instalments, including
dues, legal interest on the money so advanced or loaned,
the weekly, bi-weekly or monthly premium agreed upon
for each share, and also all fines, assessments and penalties
incurred according to the by-laws in respect thereof; and
shares of stock so redeemed, advanced or loaned or pur-
chased by such corporation shall be considered as redeemed
shares, and shall be cancelled; and it shall be lawful for
such corporation to issue an equal number of new shares
in their stead, so that the number of unredeemed shares
may always equal and never exceed the number of shares
fixed by the certificate of incorporation of such corpora-
tions; and the member or members of such corporations so