574 CORPORATIONS. [ART. 23

1892, ch. 109, sec. 85 L. 1904, ch. 101.

104. The stockholders of every such corporation shall be
held individually responsible equally and ratably and not one
for another for all contracts, debts and engagements of every
such corporation to the extent of the amount of their stock
therein at the par value thereof, in addition to the amount
invested in such stock. Persons having stock entered on the
books of the corporation in their names as executor, adminis-
trator, guardian, trustee or pledgee shall not be personally sub-
ject to any liability on such stockholders, but the person pledg-
ing the stock and the estate and funds in the hands of such
executor, administrator, guardian or trustee shall be subject to
the liability imposed upon the holders of said shares. And
the liability of such stockholders shall be an asset of the cor-
poration for the benefit ratably of all the depositors and
creditors of any such corporation, if necessary, to pay the
debts of such corporation, and shall be enforceable only by
appropriate proceedings by a receiver, assignee or trustee of
such corporation acting under the orders of a court of compe-
tent jurisdiction; provided that this section shall not affect the
rights or remedies of any creditor or depositor under the
existing laws of this State against the stockholders of any
such corporation, who were liable to any such creditor or
depositor at the date of the passage thereof, to wit, March 18,
1904; and provided further, that nothing in this section shall
be considered as a construction by the Legislature of the law
hereby repealed.

1904, ch. 337, sec. 85 L 1.

105. The exclusive remedy for the enforcement against
stockholders of all rights existing under the preceding section
as said section stood before the repeal thereof by the Act of
1904, entitled "An act to repeal section 85 L of article 23 of
the code of public general laws, title 'Corporations,' sub-title
'General Regulations,' as enacted by the acts of 1892, chapter
109, and to re-enact the same with amendments," and existing
at the time of the passage thereof, and which were declared 'by
said act not to be affected by the terms thereof, shall be, as
against stockholders residing in the State of Maryland, by bill
in equity in the nature of a creditors' bill filed against such
stockholders by one or more creditors on behalf of themselves
and all other creditors of the corporation who may come in and
make themselves parties thereto, in a court having jurisdiction
within the limits of the county or the city of Baltimore, in