ART. 23] STOCK TRANSFER. 557

shares represented thereby, until and unless he indorses the certificate
to another specified person, and thereupon such other specified person
is the person appearing by the certificate to be the owner thereof until
and unless he also indorses the certificate to another specified person.
Subsequent special endorsement may be made with like effect.

1910, ch. 73, sec. 37 U (p. 71).

58. (1) In sections 38 to 60, unless the context or subject matter
otherwise requires—

"Certificate" means a certificate of stock in a corporation organized
under the laws of this State, or of another State whose laws are con-
sistent with said sections.

"Delivery" means voluntary transfer of possession from one person
to another.

"Person" includes a corporation or partnership, or two or more per-
sons having a joint or common interest.

To "purchase" includes to take as mortgagee or pledgee.

"Purchaser" includes mortgagee and pledgee.

"Shares" means a share or shares of stock in a corporation organized
under the laws of this State, or of another State whose laws are con-
sistent with said sections.

"State" includes State, territory, district and insular possessions of
the United States.

"Transfer" means transfer of legal title.

"Title" means legal title and does not include a merely equitable or
beneficial ownership or interest.

"Value" is any consideration sufficient to support a simple contract.
An antecedent or pre-existing obligation, whether for money or not.
constitutes value where a certificate is taken either in satisfaction
thereof or as security therefor.

(2) A thing is done "in good faith" within the meaning of sections
38 to 60 when it is in fact done honestly, whether it be done negli-
gently or not.

1910, ch. 73, sec. 37 V (p. 71).

59. The provisions of sections 38 to 60 apply only to certificates
issued after July 1, 1910.

1910, ch. 73, sec. 37 X (p. 71).

60. Sections 38 to 60 may be cited as the uniform stock transfer
act.

1904, art. 23, sec. 78. 1888, art. 23, sec. 70. 1868, ch. 471, sec. 65.
1908, ch. 240, sec. 38.

61. Unless otherwise payable by the subscription contract, the
directors of any corporation having a capital stock, may call in and
demand from the stockholders the amounts due on their subscriptions
at such times and in such payments and instalments as the said direc-
tors shall deem proper; but at least thirty days' written or printed