CORPORATIONS. 681

Contention that stockholders whose subscriptions are rescinded by a decree of
court, are not creditors to the amount paid on account of their subscriptions, over-
ruled. Definition of "creditor"; prayer properly rejected. See notes to sec. 74.
Goldstein v. Leitch, 142 Md. 187.

Demurrer to bill praying that stockholders be required to contribute toward the
payment of debts, properly overruled, since such stockholders did not pay for their
stock either in money, property or services. Laches. See notes to sec. 41. Hopper v.
Brodie, 134 Md. 300 (stock issued prior to act of 1916, ch. 596).

Under the act of 1872, ch. 325, it was held that where one stockholder was required
to pay a debt of the corporation, he was entitled to contribution from all other
stockholders whose subscriptions were unpaid. Requisites of a declaration under this
section in a suit by a creditor of the corporation who is himself a stockholder. Bill
of particulars. Defenses. Evidence. Weber v. Fickey, 47 Md. 199. And see Garling
v. Baechtel, 41 Md. 306; Norris v. Wrenschall, 34 Md. 492.

When a corporation already formed, has been authorized to increase its stock,
while the obligation of a subscriber to such stock to pay for it enures under this
section to the benefit of creditors of the corporation, the subscriber has no bene-
ficial interest in the corporation as a stockholder until the stock is paid for. Balti-
more Passenger Ry. Co. v. Hambleton, 77 Md. 351.

Under art. 26, sec. 52, of the Code of 1860, held that the stockholder's liability
to one creditor might be enforced in an action at law, even where other creditors
were shown to exist. Extent of the stockholder's liability under said section. Norris
v. Johnson, 34 Md. 488. And see Morley v. Thayer, 3 Fed. 746.

The liability vel non of a stockholder in a safe deposit and loan company under
this section, does not affect such stockholder's liability under sec. 147. Murphy v.
Wheatley, 102 Md. 515.

A receiver appointed under sec. 376, et seq., of the Code of 1904 (see sec. 92),
held to be entitled to sue to recover the balance due on a subscription to stock.
Stillman v. Dougherty, 44 Md. 384.

The act of 1868, ch. 471, sec. 59, held applicable to increased capital stock issued
under sec. 28, et seq. Booth v. Campbell, 37 Md. 529.

A suit to enforce a stockholder's liability, under art. 26, sec. 52, of the Code of
1860, might be brought under the practice act of 1864, ch. 6, applicable to Baltimore
city. Norris v. Wrenschall, 34 Md. 492. And see Coulbourn v. Boulton, 100 Md. 354.

Sec. 72 of the Code of 1904 referred to in deciding that a building association was
liable on a note discounted for the purpose of raising money to pay a borrower the
amount advanced to him. Davis v. West Saratoga, etc., Union, 32 Md. 294.

The act of 1872, ch. 325, repealed the act of 1872, ch. 203, approved on the same
day. Strauss v. Heiss, 48 Md. 294.

Act of 1872, ch. 325, cited but not construed in State v. Davis, 70 Md. 240.

For notes on the liability of stockholders to creditors of the corporation, see
Matthews v. Albert, 24 Md. 527; Murphy v. Patapsco Ins. Co., 6 Md. 99.

See sec. 47 and notes to secs. 86 and 147.

An. Code, sec. 67. 1908, ch. 240, sec. 42.

78. The directors of a corporation may, unless otherwise provided in
the by-laws, determine the conditions upon which a new certificate of stock
may be issued in place of a certificate which is alleged to have been lost or
destroyed. They may, in their discretion, require the owner of such cer-
tificate or his legal representative to give bond, with sufficient surety, to
the corporation to indemnify it against any loss or claim which may arise
by reason of the issue of a certificate in the place of the missing one.
See sec. 63.

An. Code, sec. 67A. 1912, ch. 78.

79. When a certificate of shares of the capital stock of any corporation
formed under the laws of this State, has heretofore been or may hereafter
be issued to a person as agent or trustee and the stock ledger of such cor-
poration does not disclose the principal or cestui que trust, and said cer-
tificate has been lost or destroyed and no person, except the administrator