546 CORPORATIONS. [ART. 23

1888, art. 23, sec. 13. 1868, ch. 471, sec. 13.

13. In all cases where the stock in any corporation in this
State shall have been hypothecated or pledged by the owner
thereof as security for the payment of any debt or loan, such
person, upon exhibiting to the person holding any election in
such corporation a certificate in writing from the pawnee of
said stock that the same is held in pledge or by hypothecation,
shall, until forfeiture, be deemed and token to be the holder of
such stock, and as such, entitled to vote the same; and every
person holding stock in such corporation as executor, admin-
istrator, guardian or trustee, shall represent the shares of stock
in his hands, and may vote accordingly as a stockholder at any
election in such corporation.

Provisions for the Formation of Corporations.

Ibid. sec. 14. 1868, ch. 471, sec. 14.

14. Corporations may be formed in this State, under the
provisions hereinafter set forth, by any five or more persons,
citizens of the United States, and a majority of them citizens
of this State, or if unnaturalized, residents of this State, mak-
ing oath that they bona fide intend to become citizens of the
United States without unreasonable delay, who may desire
to form a body corporate or politic, for any of the following
purposes:

Ibid. sec. 14, Class 1. 1890, ch. 339. 1892, ch. 39.

15. Class 1. For the creation and maintenance of educa-
tional, moral, scientific, literary, dramatic, musical, social,
benevolent or beneficial societies or associations of all descrip-
tions; of religious or charitable societies or associations; fire
engine and hose companies; and of uniformed volunteer
companies; of universities, colleges, academies, hospitals or
asylums; provided such corporations are located in this State
and that the property which they possess or acquire is located
therein, but corporations formed for the creation and mainte-
nance of educational associations, universities, colleges, acade-
mies, hospitals or asylums may take and hold any property,
real or personal, situate out of this State which may be given
granted, devised or bequeathed to said corporations, and may
hold, use or sell and convey the same, or may deal with it in
any manner not inconsistent with law.

Boyce v. Trustees, 46 Md. 372.