1852.

LAWS OF MARYLAND.

CHAP. 148

State, under any name by them assumed, or to be as-
sumed, to associate for the purpose of organising or
establishing Homestead or Building Associations; and
being so associated, shall, on complying with the pro-
visions of this act, be considered a body politic and
corporate, and, as such, shall be capable in law to
hold and dispose of property, both real nod personal,
may have and use a common seal, and the same may
break, alter, change or renew, at will; may choose a
presiding, and other officers, may enact by-laws for the
regulation of the affairs of such corporation, and com-
pel the due observance of the same by tines and penal-
lies; may sue and be sued, plead and be impleaded,
answer and be answered, in any court of law or equity,
and do all acts necessary for the well ordering and good
government of the affairs of such corporation; and
shall exercise all and singular the powers incident to

Proviso.

bodies politic and corporate; Provided, however, that
before any such corporation shall be entitled to the
privileges of this act, they shall lodge with the clerk of
the Circuit court of the county, in which such corpo-
ration is designed to act, and if designed to act in the
city of Baltimore, with the clerk of the Superior court

of Baltimore city, a copy of the articles of association

of such corporation, signed by at least seven members,
and certified by the secretary thereof, to be recorded in
the office of such clerk.

Additions and
amendments
to articles of
association.

SEC. 2. And be it enacted, That any addition or ad
ditions to, alteration or alterations in, or amendment of
the articles of association of any such corporation, shall
be signed, certified and recorded, in manner and place
as is provided in the preceding section of this act.

Power to de-
clare number

of shares.

Par value.

Number.

Entrance fee.

Instalments.

SEC. 3. And be it enacted, That any corporation
created or incorporated in pursuance of, or under and
by virtue of the provisions of this act, shall have power
to declare, in their articles of association, the number

of shares, not exceeding one thousand, of which the
capital stock of such corporation shall consist; the par
value of the same not exceeding four hundred dollars
per share; to limit the number of which, each stock-
holder may be allowed to hold; to prescribe the en-
trance fee to be paid by each stockholder at the time of
subscribing; to regulate the instalments to be paid on
each share, (provided, the same shall not exceed the
sum of one dollar per share, per week,) and the times
at which the same shall be paid and payable.

Certificates of

stock.

SEC. 4. And be it enacted, That any such corpora-
tion shall have power to issue to each member of such
corporation, a certificate of the shares of stock held by
him, and to enforce the payment of all instalments,