558 CORPORATIONS. [ART. 23

notice of the amount, time and place of payment of such calls shall be
given to each stockholders; such notice shall be delivered to each stock-
holder by leaving the same with him, or at his residence or usual place
of business, or by mailing it, postage prepaid, and addressed to him at
his address as it appears upon the books of the corporation.

The notice (prescribed by section 78 of the code of 1904) is a condition
precedent to the right of a corporation to sue subscribers for assessments.
One publication of such notice held sufficient. Proof of demand and notice.
Granite Roofing Co. v. Michael. 54 Md. 67; Scarlett v. Academy of Music.
46 Md. 151; Scarlett v. Academy of Music, 43 Md. 210; Hughes v. Antietam
Mfg. Co., 34 Md. 330.

The notice (prescribed by section 78 of the code of 1904) held not applica-
ble where the by-laws under which the corporation acted provided that the
subscribers should pay a weekly installment of one dollar per share. Morri-
son v. Dorsey, 48 Md. 473.

Under article 26, section 49. of the code of 1860, it was held that the call
by the directors was only a step in the process of collection, and that the
fact that the stock was to he paid for only upon such calls, was not a bar
to the enforcement by equity of the stockholder's liability, at the instance of
creditors—see sections 64 and 66. Crawford v. Rohrer, 59 Md. 605.

1908, ch. 240, sec. 39.

62. When any stockholder fails to pay any instalment or call upon
his stock which may have been properly assessed thereon by the directors,
at the time when such payment is due, the directors may collect the
amount of such instalments or call or any balance thereof remaining
unpaid, from the said stockholder by an action at law, or they shall
sell at public sale such part of the shares of such delinquent stockholder
as will pay all assessments then due from him with interest and all
incidental expenses, and shall transfer the shares so sold to the pur-
chaser, who shall be entitled to a certificate therefor. Notice of the
time and place of such sale and of the sum due on each share shall be
given by advertisement for three weeks successively; once in each week
before the sale, in a newspaper of the county or city where the principal
office of said corporation is located in this State, and such notice shall
be mailed by the treasurer of the corporation to such delinquent stock-
holder at his last known postoffice address at least twenty days before
such sale. If no bidder can be had to pay the amount due on the stock,
and if the amount is not collected by an action at law, brought within
the county or city where the principal office of said corporation is
located within six months from the date of the bringing of such action
at law, the said stock shall be forfeited to the corporation and the
amount previously paid in by the delinquent on the stock shall be
forfeited to the corporation.

For a case prior to the act of 1868, ch. 471, involving the forfeiture of

stock and the liability of the holder, see Murphy v. Patapsco Ins. Co., 6 Md.

99, and note (a).

See notes to sections 64 and 66.

1904. art. 23. sec. 74. 1888, art. 23, sec. 66. 1868, ch. 471. sec. 61.
1908, ch. 240, sec. 40.

63. Except in the case of banking corporations, for which pro-
vision is made by section 39 of article 3 of the constitution, and except