The Prince George's enquirer and southern Maryland advertiser. (Upper Marlborough, Md.) 1882-1925, 1894-05-04
CHAPTER 321.

CHAPTER 321.
AN ACT 10 REPEAL SECTIONS os AND
80 OF ARTICLE % OF THE CODEOF
PUBLIC GEM RAJ LAWS. ENTITLED
g, ORPORATIONS,' subtitle BUILD.
ING OR HOMESTEAD ASsOCIA.
lions" ND 10 RF-ENAt I 1HE
SAME WITH AMENDMENTS.
SECTION l. Be It enacted by the Genera!
Assembly Of Nd'yldnd. That Sections % and
81 of Article 23 of the Code of Public General
Laws. be and the same are hereby repealed
and re-enacted so as to read rs follows:
SO. Such Corporation at any time in adj
vance of TIE period of time at which il may
cease to Exist, according to the plan contained
in the original Articles of Association, may
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, or tho ma
tarity Of the series to which lie belongs. when
said Corporation mas more than one series OF
stock. for any number of shares therein held,
may purchase from any member thereof
the share or shares OF stock held by him at
such price or sum as according to the Articles
or Association. such member NAV agree TO re-
celvc; or instead OF receiving the whole
amount OF said premium On advance or de-
Quoting the whole ara cunt OF said premium)
from the amount OF said advance the bor-
rover may pay the same in weekly. monthly
or such other instruments aS max be agreed
upon and on payment Of said sum of money
may receive from such member security as
mentioned in the next succeeding section of
this Article for the pay of such member to
such Corporation Of the unpaid instalments
and unpaid premiums to be paid on the shars
or shares of stock so sold or redeemed to-
gether with interest at the rate Of six per
cent. per annum on the sum so paid. or adj
ranced at such times and subject osuch fines
and penalties for the non-payment thereof,ns
may be prescribed in the Articles or the As
ISOLATION or in the Bylaws and such Cor
poration shall have power to issue full paid
UP shares of stock to its members upon such
terms as may be set-forth in its Bylaws.
80. The payment of the unpaid instalments
and the premium on the share or shares so
purchased or redeemed with interest on tho
money paid therefor as aforesaid, and all
fines and penalties incurred in respect there
of by any member shall be secured to such
Corporations by mortgage on real or lease
hold property, or by the hypothecation Of
stock of such Corporation held by
such member, as may be pro-
vided in the Articles of Association or
stock no greater sum of money 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 hypothecation
any such mortgage and the mortgage debt
created thereby. and the shares of stock Of
any such Corporation, and of all corporations
for the loan of money or mortgage of real or
leasehold property, are declared to be exempt
from taxation to tho extent of the invest
ments of such Corporation in such mortgages
the property so nortgaged to the Corporation
being taxed in the hands of the individual
member or mortgage.
SEC. 2. And be IL enacted, That this Act
shall take effect from the date of its passage.
Approved April 6, 1894.
FRANK BROWN. Governor
JOHN WALTER SMITH,
President Of the Senate.
JAMES II. PRESTON.
Speaker OF the House of Delegates.
We hereby certify that the aforegoing is q
correct copy of an Act of the General Assem-
bly, OF Maryland, passed January Session,
1894.
J. ROGER McSHERRY
Secretary Of the Senate.
B. L. SMITH.
Chief Clerk of the House of Delegates