588 CORPORATIONS. [ART. 23

the whole amount of its debts and liabilities, the total sum of its
resources and such other information as he may deem useful. Any cor-
poration making the reports and deposits herein provided for shall not
be required to make any report to or submit to any examination by the
insurance commissioner.

This section referred to in construing section 116—see notes thereto.
Coulbourn v. Boulton, 100 Md. 354.

1904, art. 23, sec. 104. 1892; ch. 109, sec. 85 L. 1904, ch. 101. 1908, ch. 153.

1910, ch. 219 (p. 6).

116. The stockholders of every such safe deposit, trust and loan
company or association shall be held individually respousible equally
and ratably and not one for another, for all contracts, debts and engage-
ments of every such corporation to the extent of the amount of their
stock therein at the par value thereof, in addition to the amount invested
in such stock. Persons having stock entered on the books of the corpora-
tion in their names as executor, administrator, guardian, trustee or
pledgee shall not be personally subject to any liability on such stock-
holders, but the person pledging the stock and the estate and funds in
the hands of such executor, administrator, guardian or trustee shall be
subject to the liability imposed upon the holders of said shares. And
the liability of such stockholders shall be an asset of the corporation for
the benefit ratably of all the depositors and creditors of any such corpora-
tion, if necessary, to pay the debts of such corporation, and shall be
enforceable only by appropriate proceedings by a receiver, assignee or
trustee of such corporation acting under the orders of a court of compe-
tent jurisdiction; provided, that this section shall not affect the rights
or remedies of any creditor or depositor under the existing laws of this
State against the stockholders of any such corporation, who were liable
to any such creditor or depositor on March 30, 1908; and provided
further, that nothing in this section shall be considered as a construction
by the legislature of the law hereby repealed.*

The words "such corporation," as used in this section as it stood in the
code of 1904, construed to refer to the corporations mentioned in section 106,
and this section held applicable to a company incorporated by special act of
the legislature subsequent to its adoption. If section 104 of the code of
1904 were Invalid in so far as it. Imposed liabilities upon the stockholders of
foreign corporations not covered by their subscriptions to their stock, it
would still be valid as to the holders of stock in domestic corporations, and
would be read as if it excluded foreign corporations from its operation. Mur-
phy 17. Wheatley, 100 Md. 362.

As this section stood prior to the act of 1904, ch. 101, each stockholder was
liable to creditors in an amount equal to double the amount of his stock, and
such liability was not dependent upon, or affected by, the stockholder's lia-
bility to pay for his stock, under sections 64 and 66 (section 72, code of
1904). Murphy v. Wheatley, 102 Md. 513.

Stockholders are only liable for debts contracted while they were stock-
holders. When the relationship is terminated so as to put an end to liability
under this section. Murphy v. Wheatley, 102 Md. 516 (construing this section
as it stood prior to the act of 1904, ch. 101). And see Weber 17. Fickey,

*This section, so far as it related to trust companies, was repealed by the act
ot 1910, ch. 219 (p. 6). As to trust companies, see art. 11, sec. 42. et seq.