ART. 23.] CORPORATIONS—PROCESS. 397

securing the same by a mortgage of the property of the said cor-
poration, or instead of obtaining money upon mortgage, issue a
preferred stock for any amount for which the said corpora-
tion may be authorized to issue its bonds, or for any amount,
which the said corporation may be authorized to obtain upon
mortgage of its property, and may dispose of the said stock by
sale, on such terms as it may prescribe, or by permitting the;
same to be subscribed for, as in the judgment of said corporation
may be deemed expedient; and every corporation creating such
preferred stock as aforesaid, may execute an agreement under
seal, to be acknowledged as conveyances of land are required to
be acknowledged, and recorded in the office of the clerk of the
circuit court for the county where the principal office of such
corporation shall be situated, or in the office of the clerk of the
superior court of Baltimore city, in case such office shall be situ-
ated in said city, guaranteeing to the purchasers of, or subscribers,
to, such preferred stock, a perpetual dividend of six per centum
per annum out of the profits of the said corporation, payable
yearly or half yearly, as said corporation shall determine, before
any dividend is distributed to any of the stockholders of the said
corporation, other than the holders of said preferred stock so
created; and the holders thereof shall have all the incidents,
rights, privileges and immunities, and liabilities, to which the
capital stock of said corporation, or the holders thereof, may be
entitled or subject; provided, however, that no corporation shall
exercise any power under this section, unless the creation of such
preferred stock shall be authorized by a general meeting of the
stockholders of such corporation; and the said preferred stock
shall be and constitute a lien on the franchises and property of
such corporation, and have priority over any subsequently created
mortgage, or other incumbrance.

Process.

1868, ch 471, sec. 209.

295. Any corporation not chartered by the laws of this State,
which shall transact business therein, shall be deemed to hold,
and exercise franchises within this State, and shall be liable to
suit in any of the courts of this State, on any dealings or transac-
tions therein.

Ben Franklin Ins. Co v. Gillett, 54 Md 215. Wagner v. Shank, 59 Md 322.
North State Copper Co v. Field, 64 Md. 153.