8i:c.  4.  It  shall  l>e  lawful  for  such  associations  to  purchase  from  any  shareholder,
or  other  person,  any  real  estate,  improved  or  unimproved,  and  to  sell  the  same,  either
in  tlio  samo  condition  or  after  improving,  repairing  or  bnilding  upon  the  same,  to
any  shareholder  or  other  ]>ersoD;  I't'ortded,  that  such  associations  may  make  sales  of
property,  real  »nd  personal,  either  for  cash  or  on  terms  of  credit;  that  such  associa-
tions shall  have  i>ower  to  improve,  repair  and  build  u^ion  real  estate,  and  to  make
all  contracts  and  do  all  acts  and  things  necessary  and  proper  in  connection  there-
with; that  in  case  any  such  association  shall  purchase  property  from  any  person,
and  shall  afterwanls  sell  tlie  samo  property  to  the  same  person,  then  snch  associa-
tion shall  have  the  vendor's  lien  and  privilege  upon  the  property  so  sold,  for  the
security  of  the  payment  of  the  money  duo  by  snch  person ;  that  such  associations
are  authorized  and  empowered  to  contract  and  agree  with  any  person  to  purchase
from  snch  person  any  property,  and  afterwards  to  sell  the  samo  property  to  the  same
person,  even  though  said  agreement  be  made  at  one  and  the  samo  time;  and  such
eoutract  and  arrangements  shall  not  bo  considered  or  dealt  with  as  a  loan,  but  as  a
sale  to  the  association,  and  then  a  resale  by  the  association,  to  the  person  from  whom
the  association  acquired  it;  and  such  association  to  secure  a  payment  of  the  amount
duo  by  such  pe^'son,  shall  have  nil  the  rights,  privileges  an<l  securities  which  are
now  nccordcd  by  law  to  the  vendor  of  property.
