560 CORPORATIONS. [ART. 23

1888, art. 23, sec. 59. 1868, ch. 471, sec. 54.

67. When any vacancy shall happen among the trustees,
directors or managers, by death, resignation or otherwise, it
shall be filled for the remainder of the year or other term, in
such manner as may be provided by the by-laws of the said
corporation.

Ibid. sec. 60. 1668, ch. 471, sec. 55.

68. If it shall happen at any time that an election of
trustees, directors or managers shall not be made on the day
designated by the by-laws of the said corporation, the corpora-
tion, for that reason, shall not be dissolved; but it shall be
lawful on any other day to hold such election in such manner
as may be provided by the by-laws, and all acts of trustees or
managers shall be valid as against such corporation until their
successors shall be elected.

Ibid. sec. 61. 1868, ch. 471, sec. 56.

69. Subscriptions to the capital stock of such of said corpo-
rations as have capital stock may be made in land or other
property at a valuation agreed upon between the corporation
and the subscriber, where the said property so subscribed
shall be such as it is proper that the said corporation shall
own for the advancement of the purposes for which it was
incorporated, but such subscriptions shall not be otherwise
received, nor shall they be so received unless the same shall
have been previously authorized by the stockholders assembled
in general meeting, pursuant to a call to consider the propriety
of receiving the said subscription and of fixing the terms upon
which it shall be received.

Baile v. Calvert College, 47 Md. 124. Weber v. Fickey, 52 Md. 510.
Wenstrom Co. v. Purnell, 75 Md. 116. Robertson v. Parks, 76 Md. 119.

Ibid. sec. 62. 1868, ch. 471, sec. 57.

70. Where property of any kind is received by the authority
of the stockholders in general meeting as aforesaid, in payment
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 considered as payment of a subscription to any part of the
capital stock.

Baile v. Calvert College, 47 Md. 124. Weber v. Fickey, 52 Md. 510.
Robertson v. Parks, 76 Md. 119.