564 CORPORATIONS. [ART. 23

officer a certificate for such shares, but such certificate and all renewals
and substitutions therefor shall have stamped thereon the statement
that they are issued under and subject to the provisions of this article,
and if such be the fact, that the original certificate is outstanding.

The requirements of sections 392 and 393 of the code of 1904, held not to
have been complied with, nor was the corporation made a defendant, as
was necessary to the court's jurisdiction to condemn the stock. Amendment.
Morton v. Grafflin, 68 Md. 557.

Section 391 of the code of 1904 cited but not construed in Duvall v. Ham-
bleton, 98 Md. 15.

See notes to sec. 71. And see sections 50 and 51.

1904, art. 23, sec. 399. 1888, art. 23, sec. 285. 1868, ch. 471, sec. 206.
1908, ch. 240, sec. 44.

69. If any corporation shall refuse to permit any transfer or to issue
a new certificate as authorized to be made and issued by the preceding
section, the court to which the writ is returnable or any judge thereof
in vacation may punish by process of contempt all persons so refusing
to permit such transfer or to issue such certificate and the corporation
shall be liable for all damages sustained by the purchaser by reason of
the refusal to make such transfer and issue such certificate.

Sections 398 and 399 of the code of 1904, referred to in upholding a sale
and transfer of stock on the books of the corporation, against a pledgee
unknown either to the execution creditor, purchaser or corporation, and who
was guilty of laches. Noble v. Turner, 69 Md. 525.

1908, ch. 240, sec. 45.

70. If the writ of execution or attachment shall be issued by a
justice of the peace, the power and authority vested by the two preced-
ing sections in a court or any judge thereof, shall be vested in and
exercised by the court or judge having jurisdiction on appeal from such
justice of the peace.

1904, art. 23, sec. 391. 1888, art. 23, sec. 277. 1868, ch. 471, sec. 198. 1886, ch. 287.

1908, ch. 240, sec. 46.

71. No execution or attachment issued or levied upon the shares of
any defendant in the capital stock of a corporation standing on its books
in his name, shall affect any other interest than such as such defendant
actually had in such shares at the time of the delivery to the corpora-
tion by the sheriff or other execution officer of the notice required
by section 68 of this article. Nor shall any such execution or attach-
ment in any way affect the right, title or interest of any bond fide pur-
chaser or pledgee for value without actual notice of such execution or
attachment, who shall have received the certificate of stock with a writ-
ten transfer thereof endorsed thereon (or with a written power of
attorney to sell, assign or transfer the same), signed by the person
named as stockholder in such certificate. And such purchaser or
pledgee shall have power to name any person as attorney to transfer the
shares to him on the books of the corporation; and upon and after the
production and delivery of the original certificate to the corporation.