The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1868-06-26

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 payable.
Sec. IS. And be it enacted, That any
such corporation shall have power TO en-
force the payment Of all lnslalments and
other dues due to the corporation from the
members or stockholders by such fines
and forfeitures as the corporation may from
time to time provide in the bylaws or ar
ticles OF association of such corpora
zion.
Sec. sc. And be it enacted, That any
person applying for membership or for
stock in any such corporation after the
end of one month from the time of incor-
poratlon, may be required to pay on sub
scribng such bonus or assessment as may
from time TO time be fixed or assessed in
such manner as may be provided by the
corporation, in order to place such new
member or stakeholder on footing with
the original members and others holding
stock at the time of such application.
Sec. 81. And be it enacted, That such
corporation may at any time in advance
O.! the period of time at which such cor
poration may cease to exist, according 10
the plan contained in the original articles
of association, advance TO any member
thereof for such premium as may be
agreed upon, the sum which he would be
entitled TO receive upon the dissolution of
the corporation, for any number of shares
therein held, or may purchase from any
member thereof the share or any number
of shares Of the stock held by him at such
| price or sum as according TO the articles
of association such member may agree to
receive, and on payment of said sum of
money may receive from such member
security as mentioned in the next succeed
ing section ofthis Article for the payment
by such member 10 such corporation of
the unpaid instalments to be paid on the
share or shares of stock so sold or re-
deemed, together with interest at the rate
of six per cent. per annum on the sum SO
paid or advanced at such times and SUBJ
iect to such fines and penalties for the
non-payment thereof as may he presented
in the articles of association or in the by
laws.
Sec. 50. And be. it enacted, That the
payment of the unpaid installments on the
share or shares SO purchased or redeemed
with interest on the money paid therefor
as aforesaid, and all fines and penalties in
CURED in respect thereof by any member,
shall be secured to such corporation by
mortgage on real or leasehold property, or
by the hypothecation of stock of such
corporation held by such member, as may
be provided in the articles of association
or bylaws but in case of hypothecation
OF stock no greater sum ofmoney shall at
any time be drawn out by any member
than shall have been already paid in by him
on all his shares at the time of such hy-
pothecation, and any such mortgage, and
the mortgage debt created thereby, are
declared 10 be exempt from taxation, the
property so mortgaged to the corporation
being taxed in the hands of the individual
member Or mortgagor.
Sec. SO. And be it enacted, That on
the trial of any action or other proceeding
at law or in equity, in which the property
or interest of any such corporation may
be in anywise concerned, any member of
such corporation shall be competent wit
ness, and shall not be objected to on ac-
count ofany interest he may have as such
member in the result of any such action
or proceeding.
Sec. 80. And be it enacted, That any
association of persons which may have
been organized or established at any time
prior to the adoption of this Article, on
being made body corporate under the
provisions of this Article, shall become
merged in such corporate body thereby
created, and every act done by any such
unincorporated association of persons, re-
lating to the ends and purposes of such
association, and all mortgages, bonds or
other instruments, made to such associa-
ton of persons, or to any person or per-
sons, to and for the use of such associa-
ton of persons, or any member thereof as
such, shall remain and continue in full
force and virtue, at law and in equity, in
like manner as if such unincorporated as
ISOLATION of persons had originally been a
body corporate. .-oer. sl.
Sec. 81. And be it enacted, That any
trustee or trustees, person or persons, to
whom any such conveyance shall have
been made to and for the use of such I'M
incorporated association, may be required
to assign and transfer the same to such
corporation, and they shall be as good and
sufficient as if made to such corporation,
and all the liabilities and obligations of,
by and between the members of such in
corporated association of persons, shall
remain of as binding force or effect as if
such association had been from the first
incorporated. -r
Sec. 90. And be it enacted, That such
of the provisions of the foregoing Sec
tions,. from section eighty-four to section
ninety-one, both inclusive, as shall be
found applicable to corporations which
may be formed in this State for the pur-
pose of loaning money on real or perso-
nal property, shall be held to apply to said
corporations. M -.-. - -