712 ARTICLE 23.

such agreement shall be filed in the principal office of the corporation and
be open to the inspection of any stockholder, daily, during business hours.

Voting trusts are not per se unlawful; there is some conflict among the decisions
arising for the most part out of the purposes for which they are formed. Under
voting trust here involved, the real owner is the original stockholder or his assignee.
To whom stock held under voting trust is taxed—see notes to art. 81, secs. 166,
166A and 226. State Tax Comn. v. Baltimore County, 138 Md. 676.

An. Code, sec. 103. 1908, ch. 240, sec. 78.

134. If the franchises and property of any corporation of this State
are sold under any judicial proceeding or mortgage, or deed of trust, the
purchaser or purchasers may organize a corporation for the continuation,
operation, ownership and management of the same, and such corporation,
when organized, may acquire from such purchaser or purchasers, and shall
have and be entitled to exercise, the same rights, privileges and franchises
as have been granted to or acquired by the former corporation; and shall
be subject to all limitations, restrictions and liabilities imposed upon it;
and in addition thereto shall be subject to all the provisions of this article.
As to railroads, see sec. 231.

An. Code, sec. 104. 1908, ch. 240, sec. 79. 1910, ch. 53 (p. 72).

135. Nothing in this article shall be construed to affect the provisions
of the Baltimore city charter or to repeal or change any of the existing
taxing laws of this State, except so far as the same are hereby specifically
changed; or to repeal or to change any of the public local laws of this State
other than taxing laws; or to authorize any corporation now incorporated
or hereafter to be incorporated to exercise any franchise for the furnishing
of light, heat or electric power within the city of Baltimore unless there-
unto specifically authorized by the Mayor and City Council of Baltimore,
and nothing herein shall release any corporation from the payment of any
tax or the performance of any obligation to the State or to any county or
city therein due or existing on the first day of June, in the year nineteen
hundred and eight (1908), or affect or change the remedy provided for
the collection or enforcement of the same. Nothing herein shall release,
affect or impair the rights of any creditor or creditors of any corporation
or the obligations or liability of any corporation or of any stockholder or
of any corporate office existing on the said first day of June, in the year
nineteen hundred and eight (1908) or the remedies to enforce or protect
the same.

This section does not except stockholders who subscribed for their stock before
June 1st, 1908, from the provisions of sec. 77, and does not interfere with the
receivers proceeding under that section. Hall v. Hughes, 119 Md. 490.

This section referred to in construing sec. 65 of An. Code 1912, repealed by acts
1920, ch. 545. Bettendorf, etc., Co. v. Field, 114 Md. 495; Pittsburg Steel Co. v. Balti-
more Equitable Society, 113 Md. 85.

An. Code, sec. 105. 1904, sec. 93. 1888, sec. 85. 1868, ch. 471, sec. 77.

136. Every corporation formed under the provisions of this article
shall be subject to any and all provisions and regulations which may here-
after, by any change in or amendments of the laws of this State, be made
applicable to such corporation.

This section 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.