CORPORATIONS 845

they conveyed their joint property which was used as security for the loan, the prop-
erty then being reconveyed to them, held that wife (one of the incorporators) as suc-
cessor to husband on his death, could not contend that the corporate form of the
transaction was so unreal as to prevent the lender from asserting the provision of
this section that no corporation shall interpose the defense of usury. Rabinowich v.
Eliasburg, 159 Md. 655.

This section repealed usury statutes as to corporations; it lays down a rule of sub-
stantive law and is applicable in whatever jurisdiction suit on a Maryland contract
is brought. Union Divers Co. v. Commercial Credit Co., 289 Fed. (C. C. A. 5th Ct.) 319.

An. Code, 1924, sec. 132. 1912, sec. 101. 1904, sec. 49. 1888, sec. 41. 1886, ch. 49.

1908, ch. 240, sec. 76.

130. When the value of the property owned by any charitable or
benevolent society or corporation, incorporated under any general or special
law of this State, or the income of such charitable or benevolent society
from such property was, when the said property was acquired within the
limit or limits prescribed by law for the tenure and enjoyment of such
property or income, but has hereafter increased in value, such benevolent
or charitable association or corporation may lawfully hold, enjoy, use and
deal with the increased value of said property or property derived there-
from, or with the increased income derived therefrom, for its said chari-
table and benevolent purposes in the same manner and to as full an extent
as it might have enjoyed, used or dealt with said property or income, if the
value of said property, or the amount of income derived therefrom, had not
so increased.

An. Code, 1924, sec. 133. 1912, sec. 102. 1908, ch. 240, sec. 77. 1927, ch. 581, sec. 133.

131. A stockholder of any corporation of this State may by agreement
in writing transfer his stock to any person or persons for the purpose of
vesting in him or them the right to vote thereon, for a time not exceeding
ten years, upon terms and conditions stated, pursuant to which such person
or persons shall act. Every other stockholder, upon his request therefor,
may by like agreement in writing also transfer his stock to the same person
or persons and thereupon may participate in the terms, conditions and
privileges of such agreement. The certificate of stock so transferred shall
be surrendered and cancelled and certificates therefor issued to such trans-
feree or transferees in which it shall appear that they are issued pursuant
to such agreement; in the entry of such transferee or transferees as the
owners of such stock on the proper books of said corporation, that fact shall
also be noted, and thereupon he or they only may vote upon the stock so
transferred during the time in such agreement specified; a duplicate of
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. State Tax Comn. v. Baltimore County,
138 Md. 676.

See footnote to sec. 9.

An. Code, 1924, sec. 134. 1912, sec. 103. 1908, ch. 240, sec. 78.

132. 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