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The Annotated Code of the Public General Laws of Maryland, 1914
Volume 373, Page 196   View pdf image (33K)
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196 CORPORATIONS. [ART. 23

Court that granted the letters of administration to said administrator
within sixty days from the expiration of said notice, and that in failing
so to do, distribution thereof will be made on a certain day therein.
named without any remedy or recourse on their part against said admin-
istrator, but that the distributive shares may be followed into the hands
of the distributees the same as if this section had never been passed.

(d) Before any distribution of the said shares of said stock or the
dividends received by said administrator, or the proceeds thereof is
made, the persons entitled thereto shall respectively give bond with
adequate security to be approved by the Orphans' Court aforesaid, in
such sum and form as it shall direct, conditioned that if the true and
lawful principal, cestui que trust or assignee, if any there be, or his
personal representative shall be established and proven they will respec-
tively on demand refund the amounts received by each with interest
thereon. If any such person is unable to furnish the security his share
shall be converted into money, and under the direction of said Orphans'
Court the proceeds thereof and his share in money, shall be safely
invested under the direction of said Court; the accruing interest to be
paid to the person entitled; the money to remain invested until the
security given or the said Orphans' Court on application shall order it
paid to the person entitled.

(e) Costs and all expenses of every nature and kind incident to these
proceedings shall be paid out of said shares of stock and dividends afore-
said of the estate. Provided, however, that the procedure provided by
this section is cumulative and not exclusive, and nothing in this section
contained is to be taken or construed as limiting in any way the right
of any party who claims to be entitled to a new certificate of stock in
place of a lost or destroyed certificate which was issued in the manner
hereinbefore indicated, to have his, her or its right to such new certifi-
cate determined and adjudicated, without regard to this section, by
resort to and judgment of any court of law or equity which would have
jurisdiction to determine and adjudicate such right in the event that
this section had never been passed; and provided further, that the pro-
cedure herein provided for shall not be the exclusive remedy in any
cases already instituted or suits now pending, growing out of the loss
of a certificate of stock issued in the name of an agent or trustee.

Execution or Attachment of Stock.
68.

An attachment of certain registered bonds of a foreign corporation held
valid, notwithstanding the provisions of article 9. section 18, and section
392 of article 23 of the Code of 1904. In view of section 417 of article 23
of the Code of 1904—see section 1 of article 23 of this code—it is evident
that sections 391 to 401, inclusive, of article 23 of the code of 1904, were
applicable only to corporations formed under the general laws of this
state. This section referred to in construing section 392 of article 23 of
the Code of 1904. De Beam v. Prince de Bearn, 115 Md. 675.

This section and article 9, section 18, do not authorize the seizure and
sale of stock of a foreign corporation owned by a non-resident when the
stock itself is not within the court's jurisdiction. This section refers to-
domestic corporations; it contains provisions, imposes duties upon the

 

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The Annotated Code of the Public General Laws of Maryland, 1914
Volume 373, Page 196   View pdf image (33K)
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