ART. 23] STATEMENT——EXAMINATION OF BOOKS. 565

he shall be entitled to a new certificate for said shares and the rights
of a lawful holder thereof.

Under section 391 of the code of 1904, held that where stock was pledged,
the court could not by attachment get control of it nor could a court of equity
place the stock in the hands of a receiver. Since the stock could not be
described and scheduled, no lien was acquired by the attachment. Corporate
stock is only attachable by statute. Object of said section. Morton v. Graf-
flin, 68 Md. 557. And see Noble v. Turner, 69 Md. 525.

As between vendor and vendee and pledger and pledgee of stock, a transfer
on the books of the company is not essential to perfect an equitable title in
the vendee or pledgee. Gemmell v. Davis, 75 Md. 552 (decided in 1892).
See notes to sec. 68.

1904, art. 23, sec. 79. 1888, art. 23, sec. 71. 1868, ch. 471, sec. 66.
1908, ch. 240, sec. 47.

72. If any person or persona owning in the aggregate five per cent,
of the outstanding capital stock of any corporation of this State (or
five per cent, of any class of such stock, if two or more classes have
been issued), shall present to the president or treasurer a written request
for a statement of its affairs, it shall be his duty to make such a state-
ment under oath, embracing a particular account of its assets and
liabilities in detail, and to have the same ready and on file at the prin-
cipal office of the corporation within twenty days after the presentation
of such request. And such statement shall at all times during business
hours be open to the inspection of any stockholder, and he shall be
entitled to copy the same. And if such president or treasurer to whom
such request shall be delivered, shall neglect to file such statement, he
shall forfeit and pay to the person presenting the request the sum of
fifty dollars for each and every day's delay; and if he shall refuse to
permit any stockholder to inspect such statement and copy the same, he
shall forfeit and pay to such stockholder the sum of fifty dollars for each
and every refusal.

See notes to sec. 73.

Ibid. secs. 5 and 80. 1888, art. 23, secs. 5 and 72. 1868, ch. 471, secs. 5 and 67.

1908, ch. 240, sec. 48.

73. The books of every corporation of this State, including such
hooks as show the names of the stockholders thereof, and their places of
residence and the number of shares held by them, shall during the
usual business hours of every business day be open for the inspection of
any person or persons holding in the aggregate five per cent, of the
outstanding capital stock, or five per cent, of any class thereof, if two
or more classes have been issued, at its principal office in this State:
every officer or agent of any such corporation who shall refuse to exhibit
the same, shall be guilty of a misdemeanor, and the corporation shall
forfeit and pay to the stockholder demanding such inspection the sum
of fifty dollars for every such refusal.

While in a proper case mandamus will issue to compel an inspection of
books and accounts, the writ will not be granted where the application is not
bona fide, but made with an ulterior motive. Reason and Intent of this sec-
tion. Wight v. Heublein, 111 Md. 657; Weihenmayer v. Bitner, 88 Md. 331.

The stockholder is entitled to a personal inspection of the books at any
reasonable time. Weihenmayer v. Bitner, 88 Md. 334.