914

LAWS OF MARYLAND.

where the same shall be administered, to adminis-
ter an oath to the same effect as required by the
ninth Section of this Article, a certificate of which
oath shall be produced before the person or per-
sons holding said election before any vote by proxy
shall be received.

Directors-
qualification.

Sec. 12. And be it enacted, That no person shall
act as Director of any bank requiring that the Di-
rectors thereof shall hold any number of shares
therein, unless the said Director, before he acts as
such, shall make oath before some Justice of the
Peace, that he is the sole and bona fide owner of
the stock standing in his name on the books of
said bank, and that the same has not been trans-
ferred to qualify him to serve as Director therein.

Stock—hy-
pothecated.

Sec. 13. And be it enacted, That in all cases
where the stock in any corporation in this State
shall have been hypothecated, or pledged by the
owner thereof as security for the payment of any
debt or loan, such person, upon exhibiting to the
person holding any election in such corporation, a
certificate in writing from the pawnee of said stock,
that the same is held in pledge or by hypotheca-
tion, ahall, until forfeiture, be deemed and taken
to be the holder of such stock, and as such, enti-
tled to vote the same ; and every person holding
stock in such corporation as executor, administra-
tor, guardian or trustee, shall represent the shares
of stock in his hands, and may vote accordingly
as a stockholder at any election in such corpora-
tion.

How formed.

Sec. 14. And be. it enacted, That corporations
may be formed in this State, under the provisions
hereinafter set forth, by any five or more persons,
citizens of the United States, and a majority of
them citizens of this State, or if unnaturalized re-
sidents of this State, making oath that they bona
fide intend to become citizens of the United States
without unreasonable delay, who may desire to
form a body corporate or politic, for any of the
following purposes: — Class 1, For the creation

Educational
societies, &c.

and maintenance of educational, moral, scientific,
literary, dramatic, musical, social benevolent or
beneficial societies or associations of all descrip-
tions ; of religious or charitable societies or asso-
ciations, fire engines and hose companies, and of