673 ARTICLE 23.

An. Code, sec. 50. 1910, ch. 73, sec. 37V (p. 71).

72. The provisions of sections 51 to 73 apply only to certificates issued
after July 1, 1910.

See notes to sec. 51.

An. Code, sec. 60. 1910, ch. 73, sec. 37X (p. 71).

73. Sections 51 to 73 may be cited as the uniform stock transfer act.

Stock and Stockholders.

An. Code, sec. 61. 1904, sec. 78. 1888, sec. 70. 1868, ch. 471, sec. 65. 1908, ch. 240, sec. 38.

1916, ch. 596, sec. 61.

74. Unless otherwise payable by the subscription contract, the board
of directors of any corporation, having capital stock, may call in and de-
mand from the stockholders the amounts due on their subscriptions at such
times and in such payments and installments as the said board of directors
shall deem proper; but at least thirty days' written or printed notice of
the amount, time and place of payment of such calls shall be given to each
stockholder; such notice shall be delivered to each stockholder by leaving
the same with him, or at his residence or usual place of business, or by
mailing it, postage prepaid, and addressed to him at his address as it ap-
pears upon the books of the corporation; provided, however, that any
stockholder may by an instrument in writing waive such notice.

The notice (prescribed by sec. 78 of the Code of 1904) is a condition precedent to
the right of a corporation to sue subscribers for assessments. One publication of
such notice held sufficient. Proof of demand and notice. Granite Roofing Co. v.
Michael, 54 Md. 67; Scarlett v. Academy of Music, 46 Md. 151; Scarlett v. Academy
of Music, 43 Md. 210; Hughes v. Antietam Mfg. Co., 34 Md. 330.

The notice (prescribed by sec. 78 of the Code of 1904) held not applicable where
the by-laws under which the corporation acted provided that the subscribers should
pay a weekly installment of one dollar per share. Morrison v. Dorsey, 48 Md. 473.
Under art. 26, sec. 49, of the Code of 1860, it was held that the call by the directors
was only a step in the process of collection, and that the fact that the stock was
to be paid for only upon such calls, was not a bar to the enforcement by equity
of the stockholder's liability, at the instance of creditors—see sec. 77. Crawford v.
Rohrer, 59 Md. 605; Goldstein v. Leitch, 142 Md. 187.

The notice provided for in this section relates only to calls upon stockholders
made by directors. This section has no application to a suit by receivers, entered
upon order of court, to recover unpaid subscriptions to stock of an insolvent com-
pany. See notes to sec. 77. Goldstein v. Leitch, 142 Md. 187.

An. Code, sec. 62. 1908, ch. 240, sec. 39.

75. When any stockholder fails to pay any instalment or call upon his
stock which may have been properly assessed thereon by the directors, at
the time when such payment is due, the directors may collect the amount
of such instalments or call or any balance thereof remaining unpaid, from
the said stockholder by an action at law, or they shall sell at public sale
such part of the shares of such delinquent stockholder as will pay all assess-
ments then due from him with interest and all incidental expenses, and
shall transfer the-shares so sold to the purchaser, who shall be entitled to a
certificate therefor. Notice of the time and place of such sale and of the
sum due on each share shall be given by advertisement for three weeks suc-
cessively; once in each week before the sale, in a newspaper of the county
or city where the principal office of said corporation is located in this State,