ART. 23] STOCK TRANSFER. 553

1904), referred to in holding that a gift of stock inter vivos was not valid
unless the stock was actually transferred on the books of the corporation
during the life of the donor. Baltimore, etc., Brick Co. v. Mall, 65 Md. 96.

1910, ch. 73, sec. 37 A (p. 67).

38. Title to a certificate and to the shares represented thereby can
bo transferred only—

(a) By delivery of the certificate, indorsed either in blank or to a
specified person, by the person appearing by the certificate to bo the
owner of the shares represented thereby; or

(6) By delivery of the certificate and a separate document con-
taining a written assignment of the certificate or a power of attorney to
sell, assign or transfer the same or the shares represented thereby, signed
by the person appearing by the certificate to be the owner of the shares
represented thereby. Such assignment or power of attorney may be
either in blank or to a specified person.

The provisions of this section shall be applicable, although the charter
or articles of incorporation, or code of regulations, or by-laws of the cor-
poration issuing the certificate and the certificate itself, provide that the
shares represented thereby shall be transferable only on the books of the
corporation, or shall be registered by a registrar, or transferred by a
transfer agent.

As to the transfer of corporate stock by foreign executors and administra-
tors, see art. 93, sections 79 and 80.

1910, ch. 73, sec. 37 B (p. 67).

39. Nothing in sections 38 to 60 shall be construed as enlarging the
powers of an infant or other person lacking full legal capacity, or of a
trustee, executor or administrator, or other fiduciary, to make a valid
indorsement, assignment or power of attorney.

1910, ch. 73, sec. 37 c (p. 67).

40. Nothing in sections 38 to (if) shall be construed as forbidding a
corporation

(a) To recognize the exclusive right of a person registered on its
books as the owner of shares to receive dividends and to vote as such
owner, or

(b) To hold liable for calls and assessments a person registered on
its books as the owner of shares.

1910, ch. 73, sec. 37 D (p. 68).

41. The title of a transferee of a certificate under a power of
attorney or assignment not written upon the certificate, and tho title of
any person claiming under such transferee, shall cease and determine
it. at any time prior to the surrender of the certificate to the corporation
issuing it, another person for value in good faith, and without notice
of the prior transfer, shall purchase and obtain delivery of such certifi-
cate, with the indorsement of the person appearing by the certifi-
cate to be the owner thereof, or shall purchase and obtain delivery of
such certificate and the written assignment or power of attorney of
such person, though contained in a separate document.