ART. 23.] LIABILITY OF STOCKHOLDERS. 301

for stock, the books of the company shall be so kept as to show
at all times fully what property was received for the said stock,
at what value and the number of shares of the capital stock
issued for the same; in all other cases money only shall be con-
sidered as payment of a subscription to any part of the capital
stock.

Baile v. Calvert College, 47 Md. 124. Weber v. Fickey, 62 Md. 510.

1868, ch. 471, sec. 58.

63. The stock of any corporation created under this article
shall be deemed personal estate, and shall be transferable as shall
be prescribed by the by-laws of the corporation; and no shares,
shall be transferable until all previous calls thereon shall have
been paid in, or shall have been declared forfeited for the non-
payment of the calls thereon.

Balto. Retort Co. v. Mali, 65 Md. 96.

Ibid. sec. 69. 1872, ch. 325.

64. All the stockholders of any such corporation shall be sev-
erally and individually liable to the creditors of the corporation
of which they are stockholders, to an amount equal to the amount
of stock held by them respectively, for all debts and contracts
made by the corporation, until the whole amount of the capital
stock fixed and limited by the corporation shall have been paid
in, and a certificate thereof made and filed, as prescribed in the
following section, which certificate may, however, be filed at any-
time after thirty days, mentioned in said section; but no stock-
holder shall be individually liable to the creditors of such corpo-
ration, except to the amount of his, her or their unpaid subscrip-
tion to the capital stock; and the capital stock so fixed and
limited shall be paid in, one-fourth thereof in one year, one-
fourth in two years, one-fourth in three years, and one-fourth, or
the balance, in four years from and after the incorporation of
said company, or such corporation may be dissolved; provided,
however, that it shall be lawful for the trustees, directors or man-
agers of any such corporation to collect and enforce the payment
of all subscriptions to the capital stock, as other debts are col-
lected after notice being given, as required by section 70 of this
article; and if suit shall be brought by the trustees, directors or