CORPORATIONS 851

An. Code, 1924, sec. 146. 1912, sec. 115. 1904, sec. 103. 1892, ch. 109, sec. 85K.

145. It shall be the duty of said treasurer to report to the general as-
sembly, at each regular session, a summary of the state and condition of
every trust or other corporation required to report to him or to be by him
examined; and such summary shall give the date to which such reports
refer, the amount of capital held by each of said corporations, the whole
amount of its debts and liabilities, the total sum of its resources and such
other information as he may deem useful. Any corporation making the
reports and deposits herein provided for shall not be required to make any
report to or submit to any examination by the insurance commissioner.
See notes to secs. 136 & 146.

An. Code, 1924, sec. 147. 1912, sec. 116. 1904, sec. 104. 1892, ch. 109, sec. 85L. 1904,
ch. 101. 1908, ch. 153. 1910, ch. 219 (p. 6).

146. The stockholders of every such safe deposit, trust and loan com-
pany or association shall be held individually responsible equally and
ratably and not one for another, for all contracts, debts and engagements
of every such corporation to the extent of the amount of their stock therein
at the par value thereof, in addition to the amount invested in such stock.
Persons having stock entered on the books of the corporation in their names
as executor, administrator, guardian, trustee or pledgee shall not be per-
sonally subject to any liability on such stockholders, but the person pledging
the stock and the estate and funds in the hands of such executor, adminis-
trator, guardian or trustee shall be subject to the liability imposed upon
the holders of said shares. And the liability of such stockholders shall be
an asset of the corporation for the benefit ratably of all the depositors and
creditors of any such corporation, if necessary, to pay the debts of such
corporation, and shall be enforceable only by appropriate proceedings by a
receiver, assignee or trustee of such corporation acting under the orders of
a court of competent jurisdiction; provided, that this section shall not
affect the rights or remedies of any creditor or depositor under the existing
laws of this State against the stockholders of any such corporation, who
were liable to any such creditor or depositor on March 30, 1908; and pro-
vided further, that nothing in this section shall be considered as a construc-
tion by the legislature of the law hereby repealed.¹

A corporation held to be embraced within this section; the charter of such corpora-
tion could not exempt its stockholders from the obligations imposed by art. 3, sec. 39,
of the Constitution. Statute of limitations begins to run in favor of stockholder only
from date of order fixing amount to be paid by him. Mister v. Thomas, 122 Md 456.

The words "such corporation," as used in this section as it stood in the Code of 1904,
construed to refer to the corporations mentioned in sec. 136, and this section held
applicable to a company incorporated by special act of the legislature subsequent to
its adoption. If sec. 104 of the Code of 1904 were invalid in so far as it imposed liabili-
ties upon the stockholders of foreign corporations not covered by their subscriptions
to their stock, it would still be valid as to the holders of stock in domestic corporations,
and would be read as if it excluded foreign corporations from its operation. Murphy v.
Wheatley, 100 Md. 362.

As this section stood prior to the act of 1904, ch. 101, each stockholder was liable
to creditors in an amount equal to double the amount of his stock, and such liability
was not dependent upon, or affected by, the stockholder's liability to pay for his stock,
under sec. 82 (sec. 72, Code of 1904). Murphy v. Wheatley, 102 Md. 513.

Stockholders are only liable for debts contracted while they were stockholders. When
the relationship is terminated so as to put an end to liability under this section.
Murphy v. Wheatley, 102 Md. 516 (construing this section as it stood prior to the
act of 1904, ch. 101). And see Weber v. Fickey, 47 Md. 200; Hager v. Cleveland,
36 Md. 476; Hammond v. Straus, 53 Md. 10; Knickerbocker Trust Co. v. Myers, 133
Fed. 764; Myers v. Knickerbocker Trust Co., 139 Fed. 111.

¹ This section, so far as it related to trust companies, was repealed by the act of
1910, ch. 219 (p. 6). As to trust companies, see art. 11, sec. 54, et seq.