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Session Laws, 1846
Volume 611, Page 239   View pdf image
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1846.

LAWS OF MARYLAND.

CHAP. 264.

Corporation to
choose officers.

SEC. 2. And be it enacted, That the said corporation
shall annually choose a president, secretary, treasurer
and such other officers as they may deem necessary or
convenient, for the government and regulation of said
corporation and its property, they shall have power to
make standing rules and by-laws, for prescribing the terms
of office and the duties of their officers for regulating
the terms on which persons may be admitted and con-
tinue members of the corporation, and generally for the
regulation of their officers; provided, such by-laws are
not repugnant to the laws of this State, or of the United
States.

Hold real es-

tate.

SEC. 3. And be it enacted, That the said corporation
shall be capable of taking and holding real estate not ex-
ceeding two thousand dollars, and personal property not
exceeding the value of two thousand dollars, which es-
tate shall never be divided among the members of the
corporation, but shall descend to their successors, sub-
ject to the payment of the just debts to be incurred by
said corporation.

Rules ratified.

SEC. 4. And be it enacted, That the rules and regu-
lations which the persons aforesaid have heretofore
adopted for their government as an association be, and
they are hereby ratified, and may continue in full force
and effect, or to be altered or amended according to the
pleasure of said corporation; provided, that such exist-
ing rules, their alteration or amendments are not repug-
nant to the laws of this State, or of the United States;
and that the officers now existing, having been chosen
under such regulations, shall continue to exercise the
full virtue of their office, until the regular time already
appointed by such regulations, for the annual election of
officers.

Issues forbid.

SEC. 5. And be it enacted, That this corporation shall
not be permitted to issue negotiable note or notes, or notes
payable to bearer, or notes in the form of bank notes.

Right reser-
ved.

SEC. 6. And be it enacted, That this act shall at any
time be subject to repeal or modification by the Legisla-
ture of this State.

CHAPTER 264.

Passed March

9, 1847.

An additional supplement to the act passed at December
session, eighteen hundred and twenty-seven, chapter one
hundred and forty.

Repealed.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That so much of the act passed at December



 
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Session Laws, 1846
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