1852.

LAWS OF MARYLAND.

CHAP. 148.

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 or mort-
gages, and the mortgage debt or debts intended to be
secured thereby, as aforesaid, is, and are hereby declared
exempt from taxation, the property so mortgaged, as
aforesaid, to the corporation, being taxed in the hands

of the individual member or mortgager.

Any member
competent
witness in any
action at law.

SEC. 8. And be it enacted, That on the trial of
any action, or other proceeding, at law or equity, in
which the property or interest of any such corporation
may be in any wise concerned, any member of such
corporation shall be a competent witness, and shall not
be objected to on account of any interest he may have,
as such member, in the result of any such action, or
other proceeding.

Oath of pre-
siding officer
secretary or
treasurer.

SEC. 9. And be it enacted, That the oath of the pre-
siding officer, secretary or treasurer, of any such corpo-
ration, as to the truth and bona fides of the considera-
tion mentioned in any mortgage, bill of sale, or other
instrument of writing, shall be taken and deemed to
all intents and purposes, to be a full compliance with
the Act of Assembly of eighteen hundred and forty-six,
chapter two hundred and seventy-one, and entitled, an
Act to prevent frauds in mortgages and bills of sale,
and any supplement or supplements thereto, and that
the oath of the Treasurer or other financial officer

of any such corporation, whose duty it may be to
keep the books of accounts of any such corporation,
shall be so taken and deemed to be a full compliance
with the provisions of the Act of Assembly of eighteen
hundred and thirty-three, chapter one hundred and
eighty-one, entitled, an Act relating to Mortgages, or
any supplement or supplements thereto.

Acts of any
association or-
ganised before
passage of this
act, to remain
and continue

of full force in
law.

SEC. 10 And be it enacted, That any association
of persons, which may have been organised or estab-
lished at any time before the passage of this act, on
being made a body corporate under and by virtue of
in the provisions of this act, shall become merged in such
corporate body thereby created; and every act and acts
done, and to be done, by any such unincorporated as-
sociation of persons, relating to the ends and objects of
such association, and all mortgages, bonds, or other in-
struments of writing, made to such association of per-
sons, or to any person or persons, to and for the use of
such association of persons, or any member thereof,
as such, shall remain and continue of full force and
virtue, at law and in equity, in like manner as if such
unincorporated association of persons had originally