CORPORATIONS. 677

An. Code, sec. 55. 1910, ch. 73, sec. 37R (p. 70).

68. Sections 51 to 73 shall be so interpreted and construed as to effec-
tuate their general purpose to make uniform the law of those States which
enact them.

An. Code, sec. 56. 1910, ch. 73, sec. 37S (p. 70).

69. A certificate is indorsed when an assignment or a power of attor-
ney to sell, assign or transfer the certificate or the shares represented
thereby is written on the certificate and signed by the person appearing by
the certificate to be the owner of the shares represented thereby, or when
the signature of such person is written without more upon the back of the
certificate. In any of such cases a certificate is indorsed, though it has not
been delivered.

An. Code, sec, 57. 1910, ch. 73, sec. 37T (p. 71).

70. The person to whom a certificate was originally issued is the person
appearing by the certificate to be the owner thereof, and of the shares repre-
sented thereby, until and unless he indorses the certificate to another
specified person, and thereupon such other specified person is the person
appearing by the certificate to be the owner thereof until and unless he also
indorses the certificate to another specified person. Subsequent special en-
dorsement may be made with like effect.

An. Code, sec. 58. 1910, ch. 73, sec. 37U (p. 71):

71. (1) In sections 51 to 73, unless the context or subject matter other-
wise requires—

" Certificate " means a certificate of stock in a corporation organized
under the laws of this State, or of another State whose laws are consistent
with said sections.

" Delivery " means voluntary transfer of possession from one person to
another.

" Person " includes a corporation or partnership, or two or more persons
having a joint or common interest.

To " purchase " includes to take as mortgagee or pledgee.

" Purchaser " includes mortgagee and pledgee.

" Shares " means a share or shares of stock in a corporation organized
under the laws of this State, or of another State whose laws are consistent
with said sections.

" State " includes State, territory, district and insular possessions of the
United States.

" Transfer " means transfer of legal title.

" Title " means legal title and does not include a merely equitable or
beneficial ownership or interest.

" Value " is any consideration sufficient to support a simple contract.
An antecedent or pre-existing obligation, whether for money or not, con-
stitutes value where a certificate is taken either in satisfaction thereof or as
security therefor.

(2) A thing is done " in good faith " within the meaning of sections 51
to 73 when it is in fact done honestly, whether it be done negligently or not.