459

LAWS OF MARYLAND.

and in any other place to receive and make all deeds,
transfers, contracts, covenants, conveyances and grants
whatsoever, to make, have and use a common seal and
the same to change and renew at pleasure, and gene-
rally to do every other act or thing necessary to carry
into effect the provisions of this act, or to promote the
objects or designs of said corporation.

Purposes for
Which real es-
tate shall be
held.

SEC. 2. And be it enacted, That the real estate
which it shall he lawful for the said corporation to pur-
chase, hold and convey, shall be: 1. Such as shall be
requisite for its immediate accommodation, for the con-
venient transaction of its business; 2. Such as shall
have been mortgaged to it in good faith, for moneys
loaned in pursuance of the provisions of this act; 3.
Such as have been purchased at sales upon judgments
or decrees obtained or rendered for money so loaned ;
and the said corporation shall not purchase, hold or
convey real estate in any other case or for any other
purpose; and all such real estate as is described in the
second and third subdivision of this section, shall be sold
by the said corporation as early as practicable, after the
same shall be vested in it by purchase or otherwise,
and the said corporation shall not directly or indirectly,
deal or trade in buying or selling any goods, wares or
commodities whatever, except in the cases where it is
authorised to do so by the terms of this act, and except
such personal property as may be requisite for its imme-
diate accommodation, for the convenient transaction of
its business.

Directors not
to receive
pay.

SEC. 3. And be it enacted, That the directors of
said corporation shall not as such, directly or indirectly,
receive any pay or emoluments for their services.

Management.

SEC. 4. And be it enacted, That the business of
said corporation shall be managed by the said board of
directors, who shall within six months from the date of
this act, and annually thereafter in the month of May,
elect from their number a president, treasurer and

Quorum.

such other officers as they may see fit; six of said di-
rectors, of whom the president or treasurer shall be one,
shall form a quorum for the transaction of business, and
the affirmative vote of at least six members of the board
shall be requisite in making any order for or authorising
an investment of any money, or the sale or transfer of
any stock or securities belonging to the corporation, or
the appointment of any officer receiving any salary
therefrom.