Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1894-05-04
CHAPTER 321.

CHAPTER 321.
AN ACTTO REPEAL SECTIONS 9s AND
90 OF ARTICLE % OF THE CoDEOF
PUBLIC CENTRAL LAWS. ENTITLED
q. CORPORATIONS" subtitle BUILD.
ING OR HOMESTEAD AssoCIA-
lions" AND TO RE-ENACT 1HE
SAME WITH AMENDMENTS.
SECTION /. Be ii endoied by The General
Assembly Of Maryland. That Sections SO and
81 OF Article 20 Of the Code Of Public General
Laws, be and the same are hereby repealed
and re-enacted so as to read as follows:
9S. Such Corporation ut any time in adj
vance OF the period OF time ut which It 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 the ma
turity of the series to which he belongs. when
said Corporation has more than one series OF
stock for any number OF shares therein held,
or may purchase from any member thereof
the share or shares of stock held by him at
such price or sum rs according to the Articles
OF Association, such member may agree to re-
ceive; or instead of receiving the whole
amount of said premium (in advance or do
Quoting the whole amount of said premium)
from the amount Of said advance. the bor-
rover may pay the same In weekly, monthly
or such other instruments as may be agreed
upon, and on payment of said sum Of money
may receive from such member security ~
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 tho share
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 ad.
vanced at such times and subjecttosuch fines
and penalties for the non-payment thereofAs
may be prescribed In the Articles or tho As
sociation 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.
90. The payment Of the unpaid instalments
and the premium on the share or shares 80
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 DO pro-
vided in the Articles OF Association or
BYLAWS; but In case Of hypothecation Of
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
ioI uo ,Dah VI mohey OF mortgage OF real OF
leaseholh property, arc declared to be exempt
from taxation to the extent OF the invest
ments Of such Corporation In such mortgages
the property so mortgaged to the Corporation
being taxed in the hands Of the individual
member or mortgage.
SEC. 2. And be u enacted, That this Act
shall take effect from the date OF its passage.
Approved April 0, 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
correct copy Of an Act Of the General Assem-
bly, OF Maryland, passed January Session,
1894.
J. ROGER McSHERRY,
Secretary Of the Senate.
d. /. SMITH.
Chief Clerk Of the House Of Delegates.