686 ARTICLE 23.

tion, he shall be entitled to a new certificate for said shares and the rights
of a lawful holder thereof.

Under sec. 391 of the Code of 1904, held that where stock was pledged, the court
could not by attachment get control of it nor could a court of equity place the
stock in the hands of a receiver. Since the stock could not be described and sched-
uled, no lien was acquired by the attachment. Corporate stock is only attachable
by statute. Object of said section. Morton v. Grafflin, 68 Md. 557. And see Noble v.
Turner, 69 Md. 525.

As between vendor and vendee and pledger and pledgee of stock, a transfer on
the books of the company is not essential to perfect an equitable title in the
vendee or pledgee. Gemmell v. Davis, 75 Md. 552 (decided in 1892).

See notes to sec. 80.

Books and Accounts.

An. Code, sec. 72. 1904, sec. 79. 1888, sec. 71. 1868, ch. 471, sec. 66. 1908, ch. 240, sec. 47

1916, ch. 596, sec. 72.

84. If any person or persons holding in the aggregate five per cent,
of the outstanding capital stock of any corporation of this State (or five per
cent, of any class of such stock, if two or more classes have been issued)
shall present to any officer, director or resident agent of the corporation a
written request for a statement of its affairs, it shall be his duty to make
or procure such a statement sworn to by the president or a vice-president
or by the treasurer or an assistant treasurer, embracing a particular account
of its assets and liabilities in detail, and to have the same ready and on
file at the principal office of the corporation within twenty days after the
presentation of such request. And such statement shall at all times during
business hours be open to the inspection of any stockholder, and he shall
be entitled to copy the same.

Bill of complaint held sufficient, although this and the two following sections
might afford minority stockholders opportunity to know what is on the books. See
notes to sec. 13. Matthews v. Headley Chocolate Co., 130 Md. 540.

See notes to sec. 85.

An. Code, sec. 73. 1904, secs. 5, 80. 1888, secs. 5, 72. 1868, ch. 471, secs. 5, 67.
1908, ch. 240, sec. 48. 1916, ch. 596, sec. 73.

85. Original or duplicate stock ledgers, containing the names and
addresses of the stockholders of every corporation of this State, having
capital stock, and the number of shares (of each class, if two or more
classes have been issxied) held by them respectively, shall during the usual
business hours of every business day be open for the inspection of any
person or persons holding in the aggregate five per cent, of the outstanding
capital stock, or five per cent, of any class thereof, if two or more classes
have been issued, at its principal office in this State; provided, however,
that this provision shall be deemed complied with if the stock ledger, open
for inspection as aforesaid, disclose all transfers made up until twenty
days before such inspections. The other books of the corporation, wherever
located, shall be open to inspection by stockholders upon the terms upon
which stock ledgers are open to their inspection.

While in a proper case mandamus will issue to compel an inspection of books and
accounts, the writ will not be granted where the application is not bona fide, but
made with an ulterior motive. Reason and intent of this section. Wight v. Heub-
lein. 111 Md. 657; Weihenmayer v. Bitner, 88 Md. 331.

The stockholder is entitled to a personal inspection of the books at any reason-
able time. Weihenmayer v. Bitner, 88 Md. 334.

See notes to sec. 84.