1352                           LAWS OF MARYLAND                      [CH. 649

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, biweekly or monthly
dues in each week, biweek 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 nonparticipating stock,
and also security by way of mortgage on real or personal property;
or by the hypothecation of unredeemed shares of its participating or
nonparticipating stock so sold by such member; and said mortgage
or hypothecation shall be conditioned for the repayment by such
member or borrower to said corporation of the money loaned or
advanced to him in weekly, biweekly or monthly instalments, in-
cluding dues, legal interest on the money so advanced or loaned, the
weekly, biweekly or monthly premium agreed upon for each share,
and also all fines, assessments and penalties incurred according to the
bylaws in respect thereof; and shares of stock so redeemed, advanced,
or loaned or purchased by such [corporation] association 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 corporations
and the member or members of such corporations so redeeming their
said share or shares of stock shall cease to be stockholders, and shall
not be entitled to vote at any meeting of such corporations held for
the purpose of electing directors or for any other purpose, and shall
not be eligible for any of the offices of the corporations].

155.    Same—Loans to be made in money.

It shall not be lawful for any [land company, homestead or
building association or any] association [formed for the purpose of
lending money, or using the corporate funds for the purpose of buying,
selling, lending upon mortgage, or using the corporate funds for the
purpose of buying, selling, lending upon mortgage, leasing or other-
wise dealing in real or leasehold estate,] to issue any promissory
note, bill or obligation of any kind to any member thereof, or borrow
therefrom in lieu of money, and all loans by such corporation shall
be made in money and not otherwise and all notes, bills or obligations
of any sort issued by any such association to or for the use or
benefit of any member or borrower in lieu of money, and all deeds,
mortgages or other securities whatsoever, given to secure the same,
shall be void and of no force and validity whatever, either in law or
equity.

156.    Foreign associations.

No foreign [building, loan or homestead] association shall make
loans of any kind or transact any business of [a building and loan]
an association within the State of Maryland until it has been ad-
mitted to do business in the State of Maryland. Any foreign