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and ways thereto, and for earth or stone required in the construction of said bridge and of said ways; and the rights acquired by agreement shall be conveyed by deed, duly acknowledged and recorded. In case of failure to agree, or of disability of the owners to contract, or of their absence from the State, the corporation may obtain the lands, earth and stone by condemnation.

Ibid, sec. 115. 1888, art. 23, sec. 88. 1868, ch. 471, sec. 120. 127. When a bridge located in one county shall be completed, the president and directors of the corporation shall report in writing to the county commissioners of said county, under the oath or affirmation of the president and a majority of the directors, and of the treasurer of the company, the actual cost of construction of said bridge; and the county commissioners shall appoint three persons to examine the same and report whether it has been constructed in such a substantial and dur able manner as is required to promote the public convenience. and the report shall be reviewed and ratified, or rejected by the county commissioners, who may appoint other persons to report thereon, in their discretion; and if it shall be finally determined by the county commissioners that the bridge is erected in a proper manner, they may authorize the corporation to charge such rates of toll as may be sufficient to yield a net dividend of eight per centum per annum to the stockholders or members of said corporation, making due allowance always for cost of necessary repairs and reconstruction from accident or otherwise.

Ibid, sec. 116. 1888, art. 23, sec. 89. 1868, ch. 471, sec. 121. 128. The corporation shall revise the rates of toll every six months for three years from the completion of the bridge, and shall report at each period to the county commissioners the gross amounts of receipt and expenditure; and the rates of toll shall be so readjusted, if need be, as to yield not more than eight per centum net dividend; and at any time thereafter the corporation shall, on demand of the county commissioners, report the amounts of receipt and expenditure for any period demanded, and the tolls shall be readjusted so as to yield not more than said dividend. The rates of toll to be charged shall be specified in writing by the county commissioners.

1904, art. 23, sec. 117. 1888, art. 23, sec. 90. 1868, ch. 471, sec. 122. 129. Repealed by chapter 272, section 2, of the Acts of 1916. Ibid, sec. 118. 1888, art. 23, sec. 91. 1868, ch. 471, sec. 123. 130. The written authority or warrant of the county commissioners and of the Governor, in the respective cases, shall be evidence of the right of the corporation to charge the tolls demanded; and said authority or warrant shall be printed and exposed to public inspection at every place where the payment of tolls may be demanded.

Ibid, sec. 119. 1888, art. 23, sec. 92. 1868, ch. 471, sec. 124. 131. No bridge shall be erected on a navigable river, unless authorized by an Act of the General Assembly.

Ibid, sec. 120. 1888, art. 23, sec. 93. 1868, ch. 471, sec. 125. 132. Before the Governor shall issue his warrant authorizing the collection of tolls, he shall be satisfied, from the report of five commissioners, to be appointed by him, that the bridge has been erected and completed in a substantial and proper manner.

Ibid, sec. 121. 1888, are. 23, sec. 94. 1868, ch. 471, sec. 126. 133. When any citizen shall allege, in writing, to the Circuit Court for any county, that any bridge situate within or partly within said county is not kept in proper order and repair, the same proceedings may be had in said Court as are hereinafter provided in cases of turnpike or plank roads alleged not to be in proper order and repair.

Building or Homestead Associations.

1904, art. 23, sec. 122. 1888, art. 23, sec. 95. 1868, ch. 471, sec. 84. 134. Any homestead or building association, formed under the provisions of this Article, shall have power, in its certificate of incorporation, to limit the number of shares which each stockholder may be allowed to hold; to prescribe the entrance fee to be paid by each stockholder at the time of subscribing; and to regulate the installments 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. Ibid, sec. 123. 1888, art. 23, sec. 96. 1868, ch. 471, sec. 85. 135. Any such corporation shall have power to enforce the payment of all installments and other dues due to the corpora

tion from the members or stockholders, by such fines and forfeitures as the corporation may, from time to time, provide in the by-laws or Articles of association of such corporation.

Ibid, sec. 124. 1888, art. 23, sec. 97. 1868, ch. 471, sec. 86. 136. Any person applying for membership, or for stock in any such corporation, after the end of one month from the time of incorporation, may be required to pay, on subscribing, 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 stockholder on a footing with the original members and others holding stock at the time of such application.

1904, art. 23, sec. 125. 1888, art. 23, sec. 98. 1868, ch. 471, sec. 87. 1894, ch. 321.

137. Such corporation, at any time in advance of the period of time at 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 maturity 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 as, according to the articles of association, such member may agree to receive, or instead of receiving the whole amount of said premium (in advance or deducting the whole amount of said premium) from the amount of said advance, the borrower may pay the same in weekly, monthly or such other installments as may 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 payment by such member to such corporation of the unpaid installments and unpaid premiums, to be paid on the share or shares of stock so sold or redeemed together with interest at the rate of six per cent. per annum on the sum so paid or advanced, at such times and subject to such fines and penalties for the non-payment thereof as may be prescribed in the articles of the association or in the by-laws, and such corporation shall have power to issue full paid-up shares

of stock to its members upon such terms as may be set forth in its by-laws.*

1904, art. 23, sec. 126. 1888, art. 23, sec. 99. 1868, ch. 471, sec. 88. 1880, ch. 351. 1894, ch. 321. 1904, ch. 240. 1916, ch. 312, sec. 199. 138. The payment of the unpaid installments and the premium on the share or shares so purchased or redeemed, with interest on the money paid therefor as aforesaid, and all fines and penalties incurred 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, or by judgment of a court of law or by a justice of the peace or by a decree of a court of equity, all as may be provided in the articles of association or by-laws; 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 said hypothecation, and any such mortgage and the mortgage debt created thereby, and any such judgment or decree, and the shares of stock of any such corporation and of all building associations are declared to be exempt from taxation to the extent of the investment of such corporation in mortgages, whether said mortgages be building association mortgages or ordinary mortgages, and in judgments, decrees and loans on hypothecated stock, the property so mortgaged to the corporations being taxed in the hands of the mortgagor.

1904, art. 23, sec. 127. 1888, art. 23, sec. 100. 1868, ch. 471, sec. 89. 139. 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 any wise concerned, any member of such corporation shall be a competent witness, and shall not be objected to on account of any interest he may have as such member, in the result of any such action or proceeding.

Ibid, sec. 128. 1888, art. 23, sec. 101. 1868, ch. 471, sec. 90. 140. Any association of persons which may have been organized or established at any time prior to the adoption of this Article, on being made a body corporate, under the provisions of this Article, shall become merged in such corporate body

* Stewart vs. Building Association. 106 Md. 675.

thereby created; and every act done or to be done by any such unincorporated association of persons, relating to the ends and purposes of such association, and all mortgages, bonds or other instruments, made to such association of persons, or to any person or persons to or for the use of such association 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 incorporated association of persons had originally been a body corporate.

Ibid. sec. 129. 1888, art. 23, sec. 102. 1868, ch. 471, sec. 91. 141. Any trustee or trustees, person or persons, to whom any such conveyances shall have been made to and for the use of such incorporated association, may be required to assign and transfer the same to such corporation, and such conveyances 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 incorporated association of persons shall remain of as binding force or effect as if such association had been incorporated from the first.

1904, art. 23, sec. 130. 1888, art. 23, sec. 103. 1868, ch. 471, sec. 92. 1872, ch. 178. 1904, ch. 239.

142. The provisions of the eight foregoing sections shall be taken and held to apply to corporations which have been or may be hereafter formed in this State, under the provisions of this Article, or under the provisions of any Acts of Assembly, for the purpose of loaning money on real or personal property or for buying, selling, leasing or otherwise dealing in land, and such corporation may, by their by-laws, provide for the payment of all or any part of their stock in advance, and shall have the power to enforce the payment of all dues, legal interest or premium due to such corporation from its members, stockholders or borrowers of such fines or forfeitures as the directors may from time to time provide in its by-laws; and it shall and may be lawful for any of the corporations mentioned in this section,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 certificate of incorporation for any number of

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