576

LAWS OF MARYLAND.

that purpose by the said company, and attested
by the secretary, and being so subscribed and
attested, shall be obligatory upon the said com-
pany, according to the tenor, intent and meaning
thereof, and of such like policies or contracts.

May purchase
and hold real

estate.

SEC. 8. And be it enacted, That it shall and
may be lawful for said company to purchase and
hold such and so much real estate as shall be
necessary for their convenient accommodation in
the transaction of their business, and also to
take and hold any real estate or securities, bona
fide, mortgaged or pledged to said company to
secure the payment of any debt which may be
contracted with them, and also to proceed on said
mortgage or other securities for the recovery of
the moneys thereby secured, either at law or in
equity, and to purchase on sales made under such
proceedings or otherwise, to take and receive any
real estate in payment towards satisfaction of
any debt previously contracted with or due to
said company, and the said real estate to mort-
gage, sell, exchange or otherwise dispose of, and
said company may invest their capital and accu-
mulating premiums from time to time in public
stocks, bonds, notes, mortgages, ground rents
and such other securities as the directors may
approve.

Stock trans-
ferable.

SEC. 9. And be it enacted, That the stock of
said company shall be deemed to be personal
property, and shall be assignable and transfera-
ble according to such rules and regulations as
the directors may establish from time to time in
the by-laws of said company.

Dividends.

SEC. 10. And be it enacted, That it shall be
lawful for the directors to make dividends of so
much of the profits of the company as shall ap-
pear advisable among the stockholders, which
dividends shall be paid out semi-annually to the
parties entitled thereto or to their legal repre-
sentatives.

Banking pri-
vileges forbid.

SEC. 11. And be it enacted, That nothing here-
in contained shall be taken or construed to give
to the said company banking privileges.

In force.

SEC. 12. And be it enacted, That this act shall
take effect from the date of its passage.