854 ARTICLE 23

An. Code, 1924, sec. 150. 1912, sec. 119. 1904, sec. 107. 1904, ch. 251, sec. 85N.

1908, ch. 240, sec. 107.

149. It shall be lawful for the stockholders of any life insurance,
accident insurance, safe deposit, trust or fidelity company, created by
general law or special act, in general meeting assembled, from time to time,
to provide for calling in and cancelling the whole or any part of the capital
stock, and issuing other stock instead thereof at such par value as they may
decide on, to an amount not exceeding the true value of such stock, in such
manner as to provide such contingent fund or surplus not represented by
stock as they may decide to be necessary; provided that notice of every
such meeting of stockholders shall be given in the manner required by sec-
tions 18 or 19 of this article, and the proceedings thereafter shall be similar
to those prescribed in sections 30 to 32 (both inclusive) of this article.¹

An. Code, 1924, sec. 151. 1912, sec. 123. 1904, sec. 111. 1902, ch. 589. 1904, ch. 93.

150. From and after a period of one month subsequent to the first
day of April, in the year 1904, every association or corporation doing busi-
ness in the State of Maryland employing wage-workers, whether skilled or
ordinary laborers, engaged in manual or clerical work, in the business of
mining, manufacturing, operating an electric railroad, street railway,
telegraph, telephone or express company, shall make payment in lawful
money of the United States semi-monthly to said employees, laborers and
wage-workers, or to their authorized agents, at their respective places of
employment, at intervals of not more than sixteen days and not more than
fourteen days. In case any said corporations or associations doing business
as aforesaid, or any of their officers, shall refuse to make payment at the
times above set forth to their wage-workers, laborers or other employees the
wages due them or any of them, said association, corporation or officer so
refusing shall be guilty of a misdemeanor, and be liable to indictment there-
for, and, upon conviction, shall be fined a sum not exceeding two hundred
dollars for each offense.

See sec. 253.

See art. 89, sec. 160.

An. Code, 1924, sec. 152. 1912, sec. 124. 1904, sec. 112. 1894, ch. 629, sec. 104A.

151. No corporation incorporated under the laws of this State, for
any purpose whatsoever, nor any foreign corporation doing business in this
State, shall offer to procure or act as agent for any person or persons in
procuring or making any loan of money or other valuable thing on the
security of any chattels, nor shall make any loan of money or of any other
valuable thing on the security of any chattels or otherwise, except in its own
proper corporate name and for its own behalf or benefit; and no such cor-
poration making any such loan, as aforesaid, shall be entitled to charge any
borrower of money from it, or shall take from any borrower from it, or other,
person, any other thing for or in the name of premium, or of compensation
for renewing or continuing any such loan as it may be authorized to law-
fully make, than lawful interest at the rate of six per centum per annum,
for the term during which such loan shall be renewed or continued; and

¹ The following note deals with art. 23, sec. 120, An. Code, 1912 (repealed by act,
1920, ch. 545):

The forfeiture of the charter for non-payment of franchise tax is not a self-executing
provision, but may only be enforced by state. Such non-payment is no defense in an
action by a creditor against a stockholder under sec. 146. Act of 1900, ch. 272, criticised.
Murphy v. Wheatley, 102 Md. 503. And see Frost v. Frostburg Coal Co., 24 How. 278.