1286

LAWS OF MARYLAND.— 1838.

published in the town, city or county contiguous thereto, with-

in which the cause of action may have originated, and the pro-

ceedings therein had, shall be the same as in other cases of

attachment, and the company shall moreover have full power in

May sell
the stock of
delinquent.

such manner as their by-laws may prescribe, to sell at public
auction the stock of such delinquent, to satisfy any judgment

recovered against him, or to satisfy the amount with interest

due from him in arrear as aforesaid, though no judgment may

And trans-
fer the same

have been recovered, and to transfer upon their books to the
purchaser, his executors, administrators or assigns, the stock so

sold; and if the nett proceeds of such sale, after defraying the

Case of

costs and charges thereof, shall be more than sufficient to satisfy

overplus.

what is due from the delinquent, they shall pay over the balance

to him or his order.

Person

SEC. 9. And be it enacted, That if any stockholder shall sell

selling
stock before

and transfer the stock held by him before the payment of the

paid for.

full amount subscribed for, he shall be liable for the payment of

the residium of the amount due thereafter upon his subscription

of stock, in case the person to whom said stockholder shall have

sold and trarisfered his stock shall fail to pay the same, and the

The atock

stock so transferred and sold shall be liable to be sold in the

remains
liable.

hands of the purchasers in the manner as prescribed in the

eighth section of this act, with the same effect as if no sale or

transfer thereof had been made.

Capital

SEC. 10. And be it enacted. That the stock and all other

stock of,
shall be

property of such company, as may be incorporated as aforesaid,

personal
estate.

shall be deemed personal estate, and as such shall pass to the
executors, administrators, or assigns of the stockholders, and

And trans-

the stock of said company shall be transferable only upon the

ferable.

books of the company in such manner as the by-laws shall pre-

scribe, and until so transferred, the company shall be under no

obligation to recognize the right of any assignee, and in the

meantime may lawfully pay over the dividends to him who

shall appear upon their books to be the stockholders, his execu-

tors, or administrators, without being in any manner held liable

to any other claimant; but real estate purchased by the com-

pany shall be conveyed to them and when sold by them, shall

be conveyed to the purchaser by deed, as real estate, and as

such shall be liable to the payment of the debts of the company,

and to sale under execution of fieri facias in like manner as the

lands of other debtors are sold.

Certificates
of stock.

SEC. 11. And be it enacted, That certificates of stock, signed
by the president and countersigned by the secretary of the board

of directors, and authenticated under the seal of the company,

shall be delivered by the president and directors to each stock-

holder, in such manner and form as the stockholders in general

meeting may direct.